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Transcript of Adam Smith
Adam Smith was a Educator, Philosopher, Scholar, Economist, Political Scientist and Journalist.
His personal papers were destroyed after his death at his request.
Adam Smith is Considered the founder of modern economics.
Idea that rational self-interest in a free-market economy leads to economic well-being.
His ideas involved political economy.
"Father of economics"
In 1759 Smith published "
The Theory of Moral Sentiments
", a book whose main contention is that human morality depends on sympathy between the individual and other members of society.
He published "
The Wealth Of Nation"
in it he defended smuggling as a legitimate activity, it is considered the "bible of capitalism".
On the heels of the book, he became the tutor of the future Duke of Buccleuch (1763–1766) and traveled with him to France, where he met with other eminent thinkers of his day, such as Benjamin Franklin and French economist Turgot.
Born- June 5, 1723 in Kirkcaldy, Scotland
Attended Burgh School and studied latin, mathematics, history and writing.
At the age of 14, he attended University of Glasgow
Production Possibilities Curve
Smith proposed that a nation’s wealth should be judged not by this metric but by the total of its production and commerce—today known as gross national product (GDP).
He achieved the first comprehensive system of political economy.
Adam Smith never married, and seems to have maintained a close relationship with his mother, with whom he lived after his return from France and who died six years before his own death.
Adam was known to talk to himself, a habit that began during his childhood when he would speak to himself and smile in rapt conversation with invisible companions.
He also had occasional spells of imaginary illness, and he is reported to have had books and papers placed in tall stacks
Smith was reserved and, often thought as socially awkward but his lectures were interesting and animated