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Adam Smith

1723 - 1790

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Adam Smith was a Scottish economist, or indeed 'the Father of Modern Economy'. He penned the Wealth of Nations, published in 1776, a not insignificant year for revolutionary ideas...

  • Nationality
  • Scottish

  • Subject
  • Economics

  • Fields
  • political economy, moral philosophy

  • Publications
  • The Theory of Moral Sentiments, 1759.

    An Inquiry into the Nature and Causes of the Wealth of Nations, 1776. Usually referred to as Wealth of Nations, this was the first modern work on economics, and is considered one of the most influential books on economy every written.

    Lectures on Justice, Police, Revenue, and Arms, 1763.

    Essays on Philosophical Subjects, 1795.

  • Theories
  • Classical Economics

    Free market

    Division of labour

    Invisible Hand

Adam Smith: Wealth of Nations
Adam Smith: Wealth of Nations

The Wealth of Nations is still on every economics student's menu, as it lays the foundations for the capitalist system, through which rational self-interest and competition create the mechanisms for national prosperity.

He also wrote an influential book on morality, and was associated with David Hume, a contemporary and fellow-enlightenist. It is fascinating to speculate how such a code of moral behaviour might manifest within his later treatise on economic behaviour and consequences. It could be argued that this inherent dichotomy evolved into the debates of the 19th century, resulting in radically different political economies.

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