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Adam Smith

338quotes

Biography of Adam Smith

Full Name and Common Aliases

Full Name: Adam Smith
Common Aliases: Often referred to as the "Father of Economics" or the "Father of Capitalism."

Birth and Death Dates

Birth Date: June 16, 1723
Death Date: July 17, 1790

Nationality and Profession(s)

Nationality: Scottish
Profession(s): Economist, Philosopher, Author, and Academic

Early Life and Background

Adam Smith was born in the small town of Kirkcaldy, Scotland, in 1723. His father, also named Adam Smith, was a lawyer and civil servant who passed away two months before Smith's birth. Raised by his mother, Margaret Douglas, Smith showed early signs of intellectual curiosity and brilliance. At the age of 14, he entered the University of Glasgow, where he studied moral philosophy under the tutelage of Francis Hutcheson, a prominent philosopher of the Scottish Enlightenment. Smith's education continued at Balliol College, Oxford, although he found the academic environment there less stimulating.

Major Accomplishments

Adam Smith's most significant accomplishment was his pioneering work in the field of economics. He is best known for laying the foundations of classical free-market economic theory. His ideas on the division of labor, productivity, and free markets have profoundly influenced economic thought and policy. Smith's insights into the nature of wealth and the mechanisms of economic growth were revolutionary, challenging the mercantilist views that dominated the 18th century.

Notable Works or Actions

Smith's magnum opus, "An Inquiry into the Nature and Causes of the Wealth of Nations," published in 1776, is a cornerstone of economic literature. In this seminal work, Smith introduced the concept of the "invisible hand," a metaphor for the self-regulating nature of the marketplace. He argued that individuals pursuing their self-interest inadvertently contribute to the economic well-being of society. This work laid the groundwork for the study of economics as a separate discipline and remains a critical reference for economists today.

Another significant contribution by Smith is his earlier work, "The Theory of Moral Sentiments," published in 1759. In this book, Smith explored the nature of human morality and ethics, emphasizing the role of sympathy and the importance of social relationships in shaping moral behavior. This work established Smith as a leading figure in moral philosophy and provided a philosophical foundation for his later economic theories.

Impact and Legacy

Adam Smith's impact on the world is immeasurable. His ideas have shaped modern economic thought and policy, influencing the development of capitalism and the global economy. Smith's advocacy for free markets and limited government intervention has been a guiding principle for economic liberalism. His work has inspired generations of economists, policymakers, and thinkers, and his ideas continue to be relevant in contemporary economic debates.

Smith's legacy extends beyond economics. As a key figure of the Scottish Enlightenment, he contributed to the broader intellectual movement that emphasized reason, science, and human progress. His interdisciplinary approach, combining philosophy, economics, and ethics, has inspired scholars across various fields.

Why They Are Widely Quoted or Remembered

Adam Smith is widely quoted and remembered for his profound insights into the nature of economic systems and human behavior. His concept of the "invisible hand" remains one of the most enduring and frequently cited ideas in economics, symbolizing the unintended social benefits of individual actions. Smith's ability to articulate complex economic principles in a clear and accessible manner has made his work timeless.

Smith's quotes often reflect his deep understanding of human nature and the dynamics of society. His observations on the division of labor, the role of self-interest, and the importance of free markets resonate with those seeking to understand the complexities of economic interactions. As a result, Smith's words continue to inspire and provoke thought among economists, philosophers, and the general public.

In summary, Adam Smith's contributions to economics and philosophy have left an indelible mark on the world. His pioneering ideas and eloquent expression have ensured his place as one of history's most influential thinkers, whose legacy continues to shape our understanding of economics and society.

Quotes by Adam Smith

Adam Smith's insights on:

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Man is an animal that makes bargains, no other animal does this, no dog exchanges bones with another.
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People of the same trade seldom meet together, even for the merriment and diversion, but the conversaton ends in a conspiracy against the public, or in some contrivance to raise prices.
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And a workman, even of the lowest and poorest order, if he is frugal and industrious, may enjoy a greater share of the necessaries and conveniences of life than it is possible for any savage to acquire.
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Labor was the first price, the original purchase money that was paid for all things.
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Never let people who are more unhappy than you tell you how to live your life.
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An early-morning walk is a blessing for the whole day.
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An instructed and intelligent people are always more decent and orderlythan an ignorant and stupid one.
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The prudent man is always sincere, and feels horror at the very thought of exposing himself to the disgrace which attends upon the detection of falsehood. But though always sincere, he is not always frank and open; and though he never tells any thing but the truth, he does not always think himself bound, when not properly called upon, to tell the whole truth. As he is cautious in his actions, so he is reserved in his speech; and never rashly or unnecessarily obtrudes his opinion concerning either things or persons.
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I am always willing to run some hazard of being tedious, in order to be sure that I am perspicuous.
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The desire of being believed, the desire of persuading, of leading, and directing other people, seems to be one of the strongest of all our natural desires.
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