Essay about Adam Smith Father of Economics - 5633 Words

Final Paper | Dr. Kang: History of Economic Thought | | | | Brian Witt | | | Brian Witt Dr. Kang MBE 330.01 Final Paper Adam Smith: â€Å"The Father of Economics† Adam Smith was a Scottish moral philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment and modern economics, Smith is an author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nation, now known to be called The Wealth of Nations. Smith is commonly cited as the father of modern economics. Smith studied moral philosophy at the University of Glasgow and Oxford University. After graduating, he delivered a successful series of public lectures at Edinburgh, leading†¦show more content†¦Smith began delivering public lectures in 1748 at Edinburgh under the patronage or Lord Kames (Rae, 1895). His lecture topics included rhetoric and belles-lettres, and later the subject of â€Å"the progress of opulence.† On this latter topic he first expounded his economic philosophy of â€Å"the obvious and simple system of natural liberty.† While Smith was not adept at public speaking, his lectures met with success (Buchan, 2006). In 1750, he met the philosopher David Hume, who was his senior by more than decade. In their writings covering history, politics, philosophy, economics, and religion, Smith and Hume shared closer intellectual and personal bonds than with other important figures of the Scottish Enlightenment. In 1751, Smith earned a professorship at Glasgow University teaching logic courses. When the head of Moral Philosophy died the next year, Smith took over the position. He worked as an academic for the next 13 years, which he characterized as â€Å"by far the most useful and therefore by far the happiest and most honourable period† (Rae, 1895). Smith published The Theory of Moral Sentiments in 1759, embodying some of his Glasgow lectures. This work was concerned with how human morality depends on sympathy between agent and spectator, or the individual and other members of society. Smith defined â€Å"sympathy† as the feeling of moral sentiments. He based his explanation not on a special â€Å"moral sense,† as the third Lord Shaftesbury and Hutcheson had done, or onShow MoreRelatedAdam Smith : The Father Of Economics1599 Words   |  7 Pages The first individual to discuss is Adam Smith. One of the most notable tags associated with Smith is he is known as the â€Å"father of economics.† Adam Smith was a philosopher and thus this caused him to question all things about the world as well as other aspects of nature (Overview of Economics). As Smith studied, he examined closely the business side of the world and made some interesting predictions. He believed that people in societies, who behaved and acted in their own interest would produceRead MoreThe Father of Economics - Adam Smith3144 Words   |  13 PagesThe Father of the Economics During the 18th century, when Adam Smith lived, the most important social, moral, and technological presumptions had matured. These assumptions have helped to shape the market system as the publicly accepted and entrenched economic lifestyle, and the basis for cultural and even ethical relationships. The presumptions were market intensification and the spread of money operations, as well as the need for accounting and technical production, not the seizure of newRead MoreAdam Smith : The Father Of Modern Economics And Capitalism2619 Words   |  11 PagesApril 2014 Adam Smith was an influential 18th century philosopher who many consider to be the â€Å"father of modern economics and capitalism.† Born in 1723 in Scotland, he was one of the greatest classical liberal thinkers of all time. He is best known for his works The Wealth of Nations and The Theory of Moral Sentiments. His ideas were developed during the mid-1700s, during the Industrial Revolution. The Industrial Revolution was one of the largest social, political, and economic shifts in humanRead MoreThe Invisible Hand By Adam Smith923 Words   |  4 Pagesperson. Obvious that is Adam Smith. Even though, after ten years or thousand years the economists will recall Adam Smith. Moreover, if you visit United Kingdom you can recognize Adam Smith face in the 50 and 20 pounds. ‘Man is an animal that makes bargains†- Adam Smith (Brainy Quote, (n.d)). That is underling the people’s instinct when they make a deal. â€Å"A person, who received his education through h ard work, is like an expensive Car’- Adam Smith (Brainy Quote, (n.d)). Adam Smith encouraged people toRead MoreClassical and Neoclassical Economists: Adam Smith and John Maynard Keynes1289 Words   |  6 PagesIn order to understand how economics really work in today’s age we must think about how those economic ideas, revolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer toRead Moreâ€Å"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our1000 Words   |  4 Pagesof Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughtsRead MoreAdam Smith706 Words   |  3 PagesAdam Smith was a Scottish political economist and moral philosopher, who studied moral philosophy at Oxford University and University of Glasgow. Smith is considered by many to be the founding father of economics and the first free-market capitalist. In fact, in many ways his philosophies and theories have helped shape our country and our economy into what it is today. Smith introduced us to the invisible hand theory which referred to the free markets. The invisible hand theory stated that ultimatelyRead MoreAdam Smith was born in Kirkcaldy, Fife, Scotland on an un known date. While the exact birth date of600 Words   |  3 PagesAdam Smith was born in Kirkcaldy, Fife, Scotland on an unknown date. While the exact birth date of Smith is unknown, records show that he was baptized on June 5, 1723. He was the son of the comptroller of customs in his small village; however, his father sadly died approximately six months prior to Adam being born. He was then raised by a widowed mother. Around the age of 15, Adam Smith attended Glasgow University where he studied moral philosophy. About two years later, in 1940, Smith enrolled inRead MoreEconomics Essay1090 Words   |  5 PagesEconomics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedm an, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed theRead MoreThe Biography Of Adam Smith1505 Words   |  7 PagesThe Biography of Adam Smith Adam Smith was born in Kirkcaldy, Scotland in the year 1923, and died in the year 1790 at the age of 67 (Stewart, 1861). His exact date of birth is unknown but was baptized on 5th June 1723. His father was a prosecutor, advocate, and solicitor but passed on two months after his birth, leaving his mother to bring him up. His mother, Margaret Douglas, played a great role in his upbringing, especially in education. He joined the Burgh school where he learned history, writing