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Encyclopedia > Adam Smith
Western Philosophers
18th century philosophy
(Modern philosophy)
Name
Adam Smith
Birth June 5[1] 1723 (baptism)
Kirkcaldy, Scotland
Death July 17, 1790 (aged 67)
Edinburgh, Scotland
School/tradition Classical economics
Main interests Political philosophy, ethics, economics
Notable ideas Classical economics,
modern free market,
division of labour,
the "invisible hand"
Influenced by Aristotle, Hobbes, Butler, Locke, Mandeville, Hutcheson, Hume, Montesquieu, Quesnay
Influenced Malthus, Ricardo, Mill, Keynes, Friedman, Marx, Engels, American Founding Fathers, Chomsky, Auguste Comte

Adam Smith (baptized June 5 (OS) or June 16 (NS) 1723; died July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. One of the key figures of the intellectual movement known as the Scottish Enlightenment, he is known primarily as the author of two treatises: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter was a sustained attack on the doctrines of mercantilism; it also contained Smith's explanation of how rational self-interest and competition can lead to common well-being. Smith's work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for free trade and capitalism. Adam Smith is the name of several people. ... 17th-century Western philosophy is conventionally seen as being dominated by the coming of symbolic mathematics and rationalism to philosophy, many of the most noted philosophers were also mathematicians. ... Download high resolution version (1456x2173, 850 KB) This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... is the 156th day of the year (157th in leap years) in the Gregorian calendar. ... Events February 16 - Louis XV of France attains his majority Births February 24 - John Burgoyne, British general (d. ... , Kirkcaldy (IPA pronunciation: ) is the largest town in Fife, Scotland. ... This article is about the country. ... is the 198th day of the year (199th in leap years) in the Gregorian calendar. ... Year 1790 (MDCCXC) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the 11-day slower Julian calendar). ... For other uses, see Edinburgh (disambiguation). ... This article is about the country. ... Classical economics is widely regarded as the first modern school of economic thought. ... The Politics series Politics Portal This box:      Political philosophy is the study of fundamental questions about the state, government, politics, liberty, justice, property, rights, law and the enforcement of a legal code by authority: what they are, why (or even if) they are needed, what makes a government legitimate, what... For other uses, see Ethics (disambiguation). ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Classical economics is widely regarded as the first modern school of economic thought. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Division of labour is the specialisation of cooperative labour in specific, circumscribed tasks and roles, intended to increase efficiency of output. ... For other uses, see Invisible hand (disambiguation). ... For other uses, see Aristotle (disambiguation). ... Hobbes redirects here. ... Joseph Butler (May 18, 1692 O.S. – June 16, 1752) was an English bishop, theologian, apologist, and philosopher. ... For other persons named John Locke, see John Locke (disambiguation). ... Bernard de Mandeville (1670 – 1733), was a philosopher, political economist and satirist. ... Francis Hutcheson (August 8, 1694–August 8, 1746) was an Irish philosopher and one of the founding fathers of the Scottish Enlightenment. ... This article is about the philosopher. ... Charles de Secondat, Baron de Montesquieu Charles de Secondat, Baron de Montesquieu (January 18, 1689 - February 10, French political thinker who lived during the Enlightenment and is famous for his articulation of the theory of separation of powers, taken for granted in modern discussions of government and implemented in many... François Quesnay (June 4, 1694 - December 16, 1774) was a French economist of the Physiocratic school. ... Thomas Robert Malthus, FRS (13th February, 1766 – 29th December, 1834), was an English demographer and political economist. ... David Ricardo (18 April 1772–11 September 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist, civil servant and Member of Parliament, was an influential liberal thinker of the 19th century. ... Keynes redirects here. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... Engels redirects here. ... Scene at the Signing of the Constitution of the United States, by Howard Chandler Christy. ... Avram Noam Chomsky (born December 7, 1928) is an American linguist, philosopher, political activist, author, and lecturer. ... Auguste Comte (full name: Isidore Marie Auguste François Xavier Comte; January 17, 1798 - September 5, 1857) was a French thinker who coined the term sociology. ... This article is about the Christian religious act of Baptism. ... is the 156th day of the year (157th in leap years) in the Gregorian calendar. ... Old Style can refer to: Old Style and New Style dates, a shift from the Julian to the Gregorian calendar: in Britain in 1752, in Russia in 1918. ... is the 167th day of the year (168th in leap years) in the Gregorian calendar. ... In Britain and countries of the British Empire, Old Style or O.S. after a date means that the date is in the Julian calendar, in use in those countries until 1752; New Style or N.S. means that the date is in the Gregorian calendar, adopted on 14 September... Events February 16 - Louis XV of France attains his majority Births February 24 - John Burgoyne, British general (d. ... is the 198th day of the year (199th in leap years) in the Gregorian calendar. ... Year 1790 (MDCCXC) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the 11-day slower Julian calendar). ... This article is about the country. ... For other uses, see Ethics (disambiguation). ... The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... The Scottish Enlightenment was a period of intellectual ferment in Scotland, running from approximately 1740 to 1800. ... The Theory of Moral Sentiments written by Adam Smith in 1759, was one of the most important works in the theory of capitalism. ... Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... A painting of a French seaport from 1638, at the height of mercantilism. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... For other uses, see Capitalism (disambiguation). ...

Contents

Biography

Smith was a son of the controller of the customs at Kirkcaldy, Fife, Scotland. The exact date of Smith's birth is unknown, but he was baptized at Kirkcaldy on June 5, 1723, his father having died some six months previously. At around the age of 4, he was kidnapped by a band of Gypsies, but he was quickly rescued by his uncle and returned to his mother. Smith's biographer, John Rae, commented wryly that he feared Smith would have made "a poor Gypsy".[2] There is no record of Smith having any siblings. , Kirkcaldy (IPA pronunciation: ) is the largest town in Fife, Scotland. ... This article is about the area in Scotland. ... This article is about the country. ... is the 156th day of the year (157th in leap years) in the Gregorian calendar. ... Events February 16 - Louis XV of France attains his majority Births February 24 - John Burgoyne, British general (d. ... Language(s) Romani, languages of native region Religion(s) Romanipen, combined with assimilations from local religions Related ethnic groups South Asians (Desi) This article is about the Indo-Aryan ethnic group. ... John Rae (1845 – 1915) was a British author and biographer, famous for his 1895 biography of Adam Smith, Life of Adam Smith. ...


Education

At the age of fourteen, Smith entered the University of Glasgow , where he studied moral philosophy under "the never-to-be-forgotten " (as Smith called him) Francis Hutcheson. Here Smith developed his strong passion for liberty, reason, and free speech. In 1740 he was awarded the Snell Exhibition and entered Balliol College, Oxford, but as William Robert Scott has said, "the Oxford of his time gave little if any help towards what was to be his lifework," and he left the university in 1746. In Book V of The Wealth of Nations, Smith comments on the low quality of instruction and the meager intellectual activity at English universities when compared to their Scottish counterparts. He attributed this both to the rich endowments of the colleges at Oxford and Cambridge, which made the income of professors independent of their ability to attract students, and to the fact that distinguished men of letters could make an even more comfortable living as ministers of the Church of England. Master of Theology (MTh) Dentistry Nursing Affiliations Russell Group Universitas 21 Website http://www. ... Francis Hutcheson (August 8, 1694–August 8, 1746) was an Irish philosopher and one of the founding fathers of the Scottish Enlightenment. ... For other uses, see Liberty (disambiguation). ... For other uses, see Reason (disambiguation). ... Freedom of speech is the right to freely say what one pleases, as well as the related right to hear what others have stated. ... The Snell Exhibition is an annual post-graduate scholarship awarded by Balliol College, Oxford and its recipients are referred to as Snell Exhibitioners. ... and of the Balliol College College name Balliol College Named after John de Balliol Established 1263 Sister college St Johns College, Cambridge Master Andrew Graham JCR President Helen Lochead Undergraduates 403 MCR President Chelsea Payne Graduates 228 Location of Balliol College within central Oxford , Homepage Boatclub Balliol College (pronounced... The University of Oxford (informally Oxford University), located in the city of Oxford, England, is the oldest university in the English-speaking world. ... Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... The University of Cambridge (often Cambridge University), located in Cambridge, England, is the second-oldest university in the English-speaking world and has a reputation as one of the worlds most prestigious universities. ... The Church of England logo since 1996. ...


Career in Edinburgh and Glasgow

David Hume, friend of Adam Smith
David Hume, friend of Adam Smith

In 1748 Smith began delivering public lectures in Edinburgh under the patronage of the Lord Kames. Some of these dealt with rhetoric and belles-lettres, but later he took up the subject of "the progress of opulence," and it was then, in his middle or late 20s, that he first expounded the economic philosophy of "the obvious and simple system of natural liberty" which he was later to proclaim to the world in his Wealth of Nations. In about 1750 he met the philosopher David Hume, who was his senior by over a decade. The alignments of opinion that can be found within the details of their respective writings covering history, politics, philosophy, economics, and religion indicate that they both shared a closer intellectual alliance and friendship than with the others who were to play important roles during the emergence of what has come to be known as the Scottish Enlightenment;[3] he frequented The Poker Club of Edinburgh. Image File history File links Download high-resolution version (825x1000, 91 KB) Found at Web Gallery of Art File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): David Hume Empiricism Allan Ramsay (1713-1784) Category talk:Philosophers User:Primalchaos... Image File history File links Download high-resolution version (825x1000, 91 KB) Found at Web Gallery of Art File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): David Hume Empiricism Allan Ramsay (1713-1784) Category talk:Philosophers User:Primalchaos... This article is about the philosopher. ... Year 1748 (MDCCXLVIII) was a leap year starting on Monday (link will display the full calendar) of the Gregorian calendar (or a leap year starting on Friday of the 11-day slower Julian calendar). ... For other uses, see Edinburgh (disambiguation). ... Henry Home, Lord Kames (1696 - December 27, 1782) was a Scottish philosopher of the 18th century. ... Belles lettres literary works, esp essays and poetry, valued for their aesthetic qualities (i. ... Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... This article is about the philosopher. ... The Scottish Enlightenment was a period of intellectual ferment in Scotland, running from approximately 1740 to 1800. ... The Poker Club was one of several clubs at the heart of the Scottish Enlightenment where many associated with that movement met and exchanged views in a convivial atmosphere. ... For other uses, see Edinburgh (disambiguation). ...


In 1751 Smith was appointed chair of logic at the University of Glasgow, transferring in 1752 to the Chair of Moral Philosophy, once occupied by his famous teacher, Francis Hutcheson. His lectures covered the fields of ethics, rhetoric, jurisprudence, political economy, and "police and revenue". In 1759 he published his The Theory of Moral Sentiments, embodying some of his Glasgow lectures. This work, which established Smith's reputation in his day, was concerned with how human communication depends on sympathy between agent and spectator (that is, the individual and other members of society). His analysis of language evolution was somewhat superficial, as shown only 14 years later by a more rigorous examination of primitive language evolution by Lord Monboddo in his Of the Origin and Progress of Language.[4] Smith's capacity for fluent, persuasive, if rather rhetorical argument, is much in evidence. He bases his explanation not, as the third Lord Shaftesbury and Hutcheson had done, on a special "moral sense"; nor, as Hume did, on utility; but on sympathy. Events Adam Smith is appointed professor of logic at the University of Glasgow March 25 - For the last time, New Years Day is legally on March 25 in England and Wales. ... Logic (from Classical Greek λόγος logos; meaning word, thought, idea, argument, account, reason, or principle) is the study of the principles and criteria of valid inference and demonstration. ... University of Glasgow The Nova Erectio of King James VI of Scotland shared the teaching of Moral Philosophy, Logic and Natural Philosophy among the Regents. ... Francis Hutcheson (August 8, 1694–August 8, 1746) was an Irish philosopher and one of the founding fathers of the Scottish Enlightenment. ... For other uses, see Ethics (disambiguation). ... Rhetoric (from Greek , rhêtôr, orator, teacher) is generally understood to be the art or technique of persuasion through the use of oral, visual, or written language; however, this definition of rhetoric has expanded greatly since rhetoric emerged as a field of study in universities. ... For the jurisprudence of courts, see Case law. ... The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... The Theory of Moral Sentiments written by Adam Smith in 1759, was one of the most important works in the theory of capitalism. ... For other uses, see Glasgow (disambiguation). ... James Burnett, Lord Monboddo (1714 - May 26, 1799) was a Scottish judge, scholar and eccentric. ... This article discusses utilitarian ethical theory. ...


Smith now began to give more attention to jurisprudence and economics in his lecture and less to his theories of morals. An impression can be obtained as to the development of his ideas on political economy from the notes of his lectures taken down by a student in about 1763 which were later edited by Edwin Cannan,[5] and from what Scott, its discoverer and publisher, describes as "An Early Draft of Part of The Wealth of Nations", which he dates about 1763. Cannan's work appeared as Lectures on Justice, Police, Revenue and Arms. A fuller version was published as Lectures on Jurisprudence in the Glasgow Edition of 1776. Edwin Cannan (1861-1935) was a British economist. ... Published as part of the 1976 Glasgow Edition of the works and correspondence of Adam Smith. ...


Tour of France

Commemorative plaque at Kirkcaldy
Commemorative plaque at Kirkcaldy

In 1762 the academic senate of the University of Glasgow conferred on Smith the title of Doctor of laws (LL.D.). At the end of 1763, he obtained a lucrative offer from Charles Townshend (who had been introduced to Smith by David Hume), to tutor his stepson, the young Duke of Buccleuch. Smith subsequently resigned from his professorship and from 1764-66 traveled with his pupil, mostly in France, where he came to know intellectual leaders such as Turgot, Jean D'Alembert, André Morellet, Helvétius and, in particular, Francois Quesnay, the head of the Physiocratic school whose work he respected greatly. On returning home to Kirkcaldy Smith was elected fellow of the Royal Society of London and he devoted much of the next ten years to his magnum opus, The Wealth of Nations, which appeared in 1776. The book was very well received and made its author famous. Image File history File links Download high-resolution version (675x880, 750 KB) I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... Image File history File links Download high-resolution version (675x880, 750 KB) I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... , Kirkcaldy (IPA pronunciation: ) is the largest town in Fife, Scotland. ... Master of Theology (MTh) Dentistry Nursing Affiliations Russell Group Universitas 21 Website http://www. ... Doctor of Laws (Latin: Legum Doctor, LL.D) is a doctorate-level academic degree in law. ... This page is on the former Chancellor of the Exchequer. ... This article is about the philosopher. ... Henry Scott (1746 - 1812), 3rd Duke of Buccleuch and 5th Duke of Queensberry was a Scottish nobleman. ... Anne-Robert-Jacques Turgot, Baron de Laune, often referred to as Turgot (10 May 1727 – 18 March 1781), was a French economist and statesman. ... Jean le Rond dAlembert, pastel by Maurice Quentin de La Tour Jean le Rond dAlembert (November 16, 1717 – October 29, 1783) was a French mathematician, mechanician, physicist and philosopher. ... André Morellet (March 7, 1727 - January 12, 1819) was a French economist and writer. ... Claude Adrien Helvétius (January 1715 - December 26, 1771) was a French philosopher and litterateur. ... François Quesnay. ... The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. ... For other uses, see Royal Society (disambiguation). ... This article is about the capital of England and the United Kingdom. ... Magnum opus (sometimes Opus magnum, plural magna opera), from the Latin meaning great work,[1] refers to the best, most popular, or most renowned achievement of an author, artist, or composer, and most commonly one who has contributed a very large amount of material. ... Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ...


Later years

In 1778 Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother in Edinburgh. In 1783 he became one of the founding members of the Royal Society of Edinburgh and from 1787 to 1789 he occupied the honorary position of Lord Rector of the University of Glasgow. He died in Edinburgh on July 17, 1790, after a painful illness and was buried in the Canongate Kirkyard. The Royal Society of Edinburghs Building on the corner of George St. ... The position of Lord Rector of the University of Glasgow is elected every three years by the students at the University of Glasgow. ... is the 198th day of the year (199th in leap years) in the Gregorian calendar. ... Year 1790 (MDCCXC) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the 11-day slower Julian calendar). ... Kirk of the Canongate (rear) and kirkyard viewed from Calton Hill Kirk of the Canongate (front) The Kirk of the Canongate - or Canongate Kirk - serves the Parish of Canongate in Edinburghs Old Town, in Scotland. ...


Smith's literary executors were two old friends from the Scottish academic world; the physicist and chemist Joseph Black, and the pioneering geologist James Hutton. Smith left behind many notes and some unpublished material, but gave instructions to destroy anything that was not fit for publication. He mentioned an early unpublished History of Astronomy as probably suitable, and it duly appeared in 1795, along with other material, as Essays on Philosophical Subjects. Contemporary followers of Adam Smith include John Millar. Joseph Black Joseph Black (April 16, 1728 - December 6, 1799) was a Scottish physicist and chemist. ... James Hutton, painted by Abner Lowe. ... ... John Millar of Glasgow (June 22, 1735 - May 30, 1801) was a Scottish philosopher and historian. ...

Adam Smith
Adam Smith

Adam Smith This image is in the public domain because its copyright has expired in the United States and those countries with a copyright term of life of the author plus 100 years. ... Adam Smith This image is in the public domain because its copyright has expired in the United States and those countries with a copyright term of life of the author plus 100 years. ...

Personal character and views

Not much is known about Smith's personal views beyond what can be deduced from his published works. All of his personal papers were destroyed after his death. He never married and seems to have maintained a close relationship with his mother, with whom he lived after his return from France and who predeceased him by only six years. Contemporary accounts describe Smith as an eccentric but benevolent intellectual, comically absent minded, with peculiar habits of speech and gait and a smile of "inexpressible benignity."[6] His patience and tact are said to have been valuable to his work as a university administrator at Glasgow. After his death it was discovered that much of his income had been devoted to secret acts of charity.


There has been considerable scholarly debate about the nature of Adam Smith's religious views. Smith's father had a strong interest in Christianity[7] and belonged to the moderate wing of the Church of Scotland (the national church of Scotland since 1690). Smith may have gone to England with the intention of a career in the Church of England: this is controversial and depends on the status of the Snell Exhibition. At Oxford, Smith rejected Christianity and it is generally believed that he returned to Scotland as a Deist.[8] The Church of Scotland (CofS; Scottish Gaelic: ), known informally by its pre-Union Scots name, The Kirk, is the national church of Scotland. ... The term national church is usually a reference to a church organization in Christianity that claims pastoral jurisdiction over a nation. ... For other uses, see England (disambiguation). ... For other uses, see Ceremonial Deism. ...


Economist Ronald Coase, however, has challenged the view that Smith was a Deist, stating that, whilst Smith may have referred to the "Great Architect of the Universe", other scholars have "very much exaggerated the extent to which Adam Smith was committed to a belief in a personal God". He based this on analysis of a remark in The Wealth of Nations where Smith writes that the curiosity of mankind about the "great phenomena of nature" such as "the generation, the life, growth and dissolution of plants and animals" has led men to "enquire into their causes". Coase notes Smith's observation that: "Superstition first attempted to satisfy this curiosity, by referring all those wonderful appearances to the immediate agency of the gods." Smith's close friend and colleague David Hume, with whom he agreed on most matters, is usually described as an Atheist, rather than a Deist. Ronald Harry Coase (b. ... Great Architect of the Universe (GAOTU) is a term used within Freemasonry to denominate the Supreme Being which each member individually holds an adherence to. ... This article is about the philosopher. ... For information about the band, see Atheist (band). ...


Works

Shortly before his death, Smith had nearly all his manuscripts destroyed. In his last years he seemed to have been planning two major treatises, one on the theory and history of law and one on the sciences and arts. The posthumously published Essays on Philosophical Subjects (1795) probably contain parts of what would have been the latter treatise.


Wealth of Nations

First page of the Wealth of Nations, 1776 London edition.
First page of the Wealth of Nations, 1776 London edition.

The Wealth of Nations was Smith's most influential work, and is considered to be very important in the creation of the field of economics and its development into an autonomous systematic discipline. In the Western world, it is arguably the most influential book on the subject ever published.[Neutrality disputed — See talk page] The work is also the first comprehensive defense of free market policies.[citation needed] When the book, which has become a classic manifesto against mercantilism (the theory that large reserves of bullion are essential for economic success), appeared in 1776, there was a strong sentiment for free trade in both Britain and America. This new feeling had been born out of the economic hardships and poverty caused by the American War of Independence. However, at the time of publication, not everybody was immediately convinced of the advantages of free trade: the British public and Parliament still clung to mercantilism for many years to come. Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... A painting of a French seaport from 1638, at the height of mercantilism. ... A precious metal is a rare metallic element of high, durable economic value. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ...


The Wealth of Nations also rejects the Physiocratic school's emphasis on the importance of land; instead, Smith believed labour was paramount, and that a division of labour would effect a great increase in production.[Neutrality disputed — See talk page] One example he used was the making of pins. One worker could probably make only twenty pins per day. But if ten people divided up the eighteen steps required to make a pin, they could make a combined amount of 48,000 pins in one day. However, Smith also concluded that excessive division of labor would negatively affect worker's intellect through the carrying out of monotonous and repetetive tasks and hence he called for the establishment of a public education system.[citation needed] Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... The Physiocrats were a group of thinkers who believed in an economic theory which considered that the wealth of nations was derived solely from agriculture. ... Division of labour is the specialisation of cooperative labour in specific, circumscribed tasks and roles, intended to increase efficiency of output. ...


Nations was so successful, in fact, that it led to the abandonment of earlier economic schools, and later economists, such as Thomas Malthus and David Ricardo, focused on refining Smith's theory into what is now known as classical economics.[citation needed] Both Modern economics and, separately, Marxian economics owe significantly to classical economics. Malthus expanded Smith's ruminations on overpopulation, while Ricardo believed in the "iron law of wages"—that overpopulation would prevent wages from topping the subsistence level. Smith postulated an increase of wages with an increase in production, a view considered more accurate today.[citation needed] Thomas Robert Malthus, FRS (13th February, 1766 – 29th December, 1834), was an English demographer and political economist. ... David Ricardo (18 April 1772–11 September 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... Classical economics is widely regarded as the first modern school of economic thought. ... Economics is the social science studying production and consumption through measurable variables. ... Note: Marxian is not restricted to Marxian economics, as it includes those inspired by Marxs works who do not identify with Marxism as a political ideology. ... Map of countries by population density (See List of countries by population density. ... The Iron Law of Wages was an alleged law of economics that asserted that wages can never rise above the minimum level that will enable the laborer to survive. ...


One of the main points of The Wealth of Nations is that the free market, while appearing chaotic and unrestrained, is actually guided to produce the right amount and variety of goods by a so-called "invisible hand".[Neutrality disputed — See talk page] The image of the invisible hand was previously employed by Smith in Theory of Moral Sentiments, but it has its original use in his essay, "The History of Astronomy". If a product shortage occurs, for instance, its price rises, creating a profit margin that creates an incentive for others to enter production, eventually curing the shortage. If too many producers enter the market, the increased competition among manufacturers and increased supply would lower the price of the product to its production cost, the "natural price". Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... For other uses, see Invisible hand (disambiguation). ... Competition is the act of striving against others for the purpose of achieving gain, such as income, pride, amusement, or dominance. ... When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is...


Even as profits are zeroed out at the "natural price", there would be incentives to produce goods and services, as all costs of production, including compensation for the owner's labour, are also built into the price of the goods. If prices dip below a zero profit, producers would drop out of the market; if they were above a zero profit, producers would enter the market. Smith believed that while human motives are often selfishness and greed, the competition in the free market would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services.[Neutrality disputed — See talk page] Nevertheless, he was wary of businessmen and argued against the formation of monopolies. Selfishness denotes the precedence given in thought or deed to self interests and self concerns, the act of placing ones own needs or desires above the needs or desires of others. ... Look up greed in Wiktionary, the free dictionary. ... This article is about the economic term. ...


Smith vigorously attacked the antiquated government restrictions which he thought were hindering industrial expansion. In fact, he attacked most forms of government interference in the economic process, including tariffs, arguing that this creates inefficiency and high prices in the long run.[Neutrality disputed — See talk page] This theory, now referred to as "laissez-faire", which means "let them do" or more relevant to the study of economics, "let the market set supply and demand with no interference". It is believed that this theory influenced government legislation in later years, especially during the 19th century. (However this was not an anarchistic opposition to government. Smith advocated a Government that was active in sectors other than the economy: he advocated public education of poor adults; institutional systems that were not profitable for private industries; a judiciary; and a standing army.) This article is about the American rock band. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... Anarchist redirects here. ...


Two of the most famous and often-quoted passages in The Wealth of Nations are:[Neutrality disputed — See talk page]

"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages."

"As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual value of society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it." Look up endeavor, endeavour in Wiktionary, the free dictionary. ...

Another favorite quote, usually recited by economists, also from The Wealth of Nations is:

"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary."

Smith postulated four "maxims" of taxation: proportionality, transparency, convenience and efficiency. Smith is credited by economists as one of the first to advocate a progressive tax.[9] Smith wrote, "It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more in proportion." In another quote he supported taxation in proportion to the revenue (income) of the individual:

"The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state. The expense of government to the individuals of a great nation is like the expense of management to the joint tenants of a great estate, who are all obliged to contribute in proportion to their respective interests in the estate. In the observation or neglect of this maxim consists what is called the equality or inequality of taxation."

The "Adam Smith-Problem"

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In the Wealth of Nations Smith claims that self-interest alone (in a proper institutional setting) can lead to socially beneficial results. But in his Theory of Moral Sentiments Smith argues that sympathy is required to achieve socially beneficial results. On the surface it appears that a contradiction exists. Economist August Oncken referred to this as 'the Adam-Smith-Problem'.[10] Austrian economist Joseph Schumpeter also emphasized this apparent contradiction in his commentary on Smith's work. Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... For other uses, see Politics (disambiguation). ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... Contributions to liberal theory is a partial list of individual contributions on a worldwide scale. ... 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Adam Smith himself cannot have seen any contradiction, since he produced a revised edition of Moral Sentiments after the publication of Wealth of Nations. Both sets of ideas are to be found in his Lectures on Jurisprudence. In recent years most students of Adam Smith's work have argued that no contradiction exists. In the Theory of Moral Sentiments, Smith develops a theory of psychology in which individuals in society find it in their self-interest to develop sympathy as they seek approval of what he calls the "impartial spectator." The self-interest he speaks of is not a narrow selfishness but something that involves sympathy.


Some readers of The Wealth of Nations have assumed that when Smith speaks of "self-interest" he is referring to selfishness. Although in some contexts, such as buying and selling, sympathy generally need not be considered, Smith makes it clear that he regards selfishness as inappropriate, if not immoral, and that the self-interested actor has sympathy for others. In The Theory of Moral Sentiments Smith argues that the self-interest of any actor includes the interest of the rest of society, since the socially-defined notions of appropriate and inappropriate actions necessarily affect the interests of the individual as a member of society. Context is also useful as Adam Smith was against the idea of corporations, or "joint stock companies."


In any case, Adam Smith apparently believed that moral sentiments and self-interest would always add up to the same thing. One possible line of reasoning he might have employed in reaching this conclusion is as follows: the invisible hand cannot operate if there is no society, for precluding a societal construct precludes division of labor, and thus, the efficiency which comes with its manifestation. Now for society to exist, justice is a necessary condition (as pointed out in Smith's Theory of Moral Sentiments). For justice to exist in any social setting, individuals must harbor the passions of gratitude and resentment governed by a sense of 'merit' and 'demerit' (again from Smith's Theory of Moral Sentiments). And finally, as Smith himself would have so vehemently argued, the sense of 'merit' and 'demerit' is almost exclusively engendered by human sympathy. In conclusion, the invisible hand of the market is, at some level, contingent upon the ability of humans to sympathize: Smith's self-interest is indeed in consonance with the notion of sympathy.


Influence

The Wealth of Nations, one of the earliest attempts to study the rise of industry and commercial development in Europe, was a precursor to the modern academic discipline of economics. It provided one of the best-known intellectual rationales for free trade and capitalism, greatly influencing the writings of later economists. David Ricardo and Karl Marx were influenced by economic theories of Adam Smith. Smith was ranked #30 in Michael H. Hart's list of the most influential figures in history.[*] For other uses, see Capitalism (disambiguation). ... David Ricardo (18 April 1772–11 September 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... The cover of the 1992 edition. ...


From 13 March 2007 onwards Smith's portrait appeared in the UK on new £20 notes. He is the first Scotsman to feature on a currency issued by the Bank of England.[11] A picture of the note is available on the Bank of England website.[12] However, many actors in academia and in the real world have and are acknowledging that they or others have misinterpreted the works of Adam Smith, with some arguing that Adam Smith's legacy has been "lost". is the 72nd day of the year (73rd in leap years) in the Gregorian calendar. ... GBP redirects here. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ...


In a journal article, "The Rise of Adam Smith: Articles and Citations, 1970-1997", economist Jonathan B. Wight reports that only two articles on Adam Smith or his works were published the year before 1971. In 2002 Wight, the author of this paper and of other books and articles on Adam Smith and his works, reports that six hundred articles and thirty books were published in the twenty seven years between 1970 and 1997. A heightened interest in Adam Smith and his works has been sustained. And, this trend Wight writes is more than a "speculative bubble" in a 2004 conference paper titled "Is There a Speculative Bubble in Scholarship on Adam Smith?", presented at the Eleventh World Congress of Social Economics, Albertville, France.


The bicentennial anniversary of the publication of the Wealth of Nations was celebrated in 1976. Results of this celebration has been increased interest in Smith's first book, The Theory of Moral Sentiments, and in his other works, throughout academia. This heightened interest in his book on moral philosophy has also been sustained. Or, assome say, in 1976 there was a break with the earlier emphasis on an Adam Smith problem. After 1976 Adam Smith was more likely to be represented as the author of both the Wealth of Nations and The Theory of Moral Sentiments and thereby as the founder of a moral philosophy and the science of economics. His "economic man" or actor was also more often represented as a moral person. Finally, also pointed to was his opposition to slavery, colonialism, and empire or his statements about high wages for the poor, his views that the porter was not intellectually inferior to the porter (Levy,Peart). And, more than one author refer to a need to recover "Adam Smith's lost legacy" (Kennedy, West).


In line with such trends, on January 24, 2008 Bill Gates said the following at the world economic forum in Davos Switzerland "Adam Smith, the very father of capitalism and the author of “Wealth of Nations,” who believed strongly in the value of self-interest for society, opened his first book with the following lines: "How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortunes of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it."


Expressing his interest in reducing poverty in 2008, he spoke about a "creative" rather than an "unfettered" or laissez faire, capitalism. "Creative capitalism takes this interest in the fortunes of others and ties it to our interest in our own fortunes in ways that help advance both. This hybrid engine of self-interest and concern for others can serve a much wider circle of people than can be reached by self-interest or caring alone."[13] Nearly two years before, Gate's interest in Adam Smith was also evident. On June 25, 2006, Gates presented a copy of Adam Smith's Wealth of Nations to Warren Buffett after Buffett announced that he would donate his wealth to The Bill and Melinda Gates Foundation, [14].[14] is the 176th day of the year (177th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ... Warren Edward Buffett (born August 30, 1930, in Omaha, Nebraska) is an American investor, businessman and philanthropist. ... The Bill & Melinda Gates Foundation (B&MGF) is the largest transparently operated[2] charitable foundation in the world, founded by Bill and Melinda Gates in 2000 and doubled in size by Warren Buffett in 2006. ...


There, in addition, has been a controversy over the extent of Smith's originality in The Wealth of Nations. Some argue that the work added only modestly to the already established ideas of thinkers such as Anders Chydenius (The National Gain 1765), David Hume and the Baron de Montesquieu. Indeed, many of the theories Smith set out simply described historical trends away from mercantilism and towards free trade that had been developing for many decades and had already had significant influence on governmental policy. Nevertheless, Smith's work organized their ideas comprehensively, and so remains one of the most influential and important books in the field today. Anders Chydenius Anders Chydenius (26 February 1729 – 1 February 1803) was the leading classical liberal of Nordic history. ... The National Gain is the main work of Anders Chydenius published 1765. ... This article is about the philosopher. ... Montesquieu redirects here. ...


Herbert Stein, in a frequently-quoted article, "Adam Smith did not wear an Adam Smith necktie," wrote that the people who wear the Adam Smith tie do it "to make a statement of their devotion to the idea of free markets and limited government. What stands out in the Wealth of Nations, however, is that their patron saint was not pure or doctrinaire about this idea. He viewed government intervention in the market with great skepticism. He regarded his exposition of the virtues of the free market as his main contribution to policy, and the purpose for which his economic analysis was developed.

"Yet he was prepared to accept or propose qualifications to that policy in the specific cases where he judged that their net effect would be beneficial and would not undermine the basically free character of the system," wrote Stein. "He did not wear the Adam Smith necktie." In Stein's reading, The Wealth of Nations could justify the Food and Drug Administration, The Consumer Product Safety Commission, mandatory employer health benefits, environmentalism, and "discriminatory taxation to deter improper or luxurious behavior."[15][16]

Interpreting Adam Smith

Vivienne Brown has alleged that in the 20th century USA, Reaganomics supporters, The Wall Street Journal and other similar sources, have spread among the general public, a partial and misleading vision of Adam Smith, portrayed as an "extreme dogmatic defender of laissez-faire capitalism and supply-side economics".[17][18] Ronald Reagan, the US president from which Reaganomics derives its name Reaganomics (a blend of Reagan and economics, coined by radio broadcaster Paul Harvey) is a term that has been used to both describe and decry free market advocacy economic policies of U.S. President Ronald Reagan, who served from... The Wall Street Journal (WSJ) is an international daily newspaper published by Dow Jones & Company in New York City, New York, USA, with Asian and European editions, and a worldwide daily circulation of more than 2 million as of 2006, with 931,000 paying online subscribers. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...


According to Brown and Pack, Smith's position was very close to what is currently perceived in the USA as a "liberal democrat,". In The Wealth of Nations Smith advocates government economic intervention with the allocation of many economic functions, they say. In this analysis, Smith instead attacked the corrupted favoritism made by the governments in favor of the rich and powerful and against the poor.[17] [18] Liberal democracy is a form of representative democracy where elected representatives that hold the decision power are moderated by a constitution that emphasizes protecting individual liberties and the rights of minorities in society, such as freedom of speech and assembly, freedom of religion, the right to private property and privacy...


Major works

The Theory of Moral Sentiments written by Adam Smith in 1759, was one of the most important works in the theory of capitalism. ... Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... ... Published as part of the 1976 Glasgow Edition of the works and correspondence of Adam Smith. ...

Critics of Adam Smith

  • Arthur Lee, An Essay in Vindication Of The Continental Colonies Of America, From A Censure of Mr. Adam Smith, in His Theory of Moral Sentiments. With Some Reflections on Slavery in General. By an American 1764 [19]
  • Thomas Carlyle [20]
  • Charles Dickens,Ibid., [21]
  • John Ruskin, Ibid.

References

  1. ^ Robert Falkner (1997). Biography of Smith (English). Liberal Democrat History Group. Retrieved on September 10, 2007.
  2. ^ Powell, Jim (March 1995). "Adam Smith-'I had almost forgot that I was the author of the inquiry concerning The Wealth of Nations'". The Freeman 45 (3). Foundation for Economic Education. Retrieved on 2008-01-01.
  3. ^ Donald Winch, ‘Smith, Adam (bap. 1723, d. 1790) ’, Oxford Dictionary of National Biography, Oxford University Press, Sept 2004
  4. ^ Cloyd, E.L.: "James Burnett, Lord Monboddo", pp 64-66. Oxford University Press, 1972
  5. ^ "Lectures on Justice, Police, Revenue and Arms", 1896
  6. ^ Liberty Fund. Chapter XVII - London (English). Ch. 17. Liberty Fund. Retrieved on September 10, 2007.
  7. ^ Ross, Ian Simpson, The Life of Adam Smith page 15
  8. ^ "When the time of his residence at Oxford expired, the question arose what line he was afterwards to pursue. He was destitute of patrimony and had not any turn for business. The Church seemed an improper profession, because he had early become a disciple of Voltaire in matters of religion." Times obituary of Adam Smith
  9. ^ Do Americans Still Believe In Sharing The Burden? Robert B. Reich, Washington Post , Apr 26, 1987
  10. ^ August Oncken, "The Consistency of Adam Smith," The Economic Journal 7, no. 27 (1897): 444.
  11. ^ BBC News (2006). Smith replaces Elgar on £20 note (English). BBC News. Retrieved on September 10, 2007.
  12. ^ Bank of England. Bank of England Banknotes - Virtual Tour (English). Bank of England. Retrieved on September 10, 2007.
  13. ^ “A New Approach to Capitalism in the 21st Century”, Remarks by Bill Gates, Chairman, Microsoft Corporation, World Economic Forum 2008, Davos, Switzerland, Jan. 24, 2008
  14. ^ a b Jeremy W. Peters (2006). Buffett Always Planned to Give Away His Billions (English). New York Times. Retrieved on September 10, 2007.
  15. ^ Stein, Herbert (1994, April 6). "Board of Contributors: Remembering Adam Smith". Wall Street Journal (Eastern Edition), p. PAGE A14. Retrieved January 8, 2008, from Wall Street Journal database. (Document ID: 28143064).
  16. ^ Marc Lee (2006). Adam Smith did not wear an Adam Smith necktie (English). progecon blog. Retrieved on September 10, 2007.
  17. ^ a b Brown, Vivienne (1993) The Economic Journal, Vol. 103, No. 416 (Jan., 1993), pp. 230-232 doi:10.2307/2234351
  18. ^ a b Pack, Spencer J. (1991) Capitalism as a Moral System: Adam Smith's Critique of the Free Market Economy
  19. ^ An Essay in Vindication Of The Continental Colonies Of America, From A Censure of Mr. Adam Smith, in His Theory of Moral Sentiments. With Some Reflections on Slavery in General. By an American by Arthur Lee, 1764
  20. ^ The Origin of the Term "Dismal Science" to Describe Economicsby Robert Dixon
  21. ^ The Secret History of the Dismal Science: Economics, Religion and Race in the 19th Century by economists David Levy and Sandra Peart

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Bibliography

  • James Buchan. The Authentic Adam Smith: His Life and Ideas (2006)
  • Stephen Copley and Kathryn Sutherland, eds. Adam Smith's Wealth of Nations: New Interdisciplinary Essays (1995)
  • F. Glahe, ed. Adam Smith and the Wealth of Nations: 1776-1976 (1977)
  • Knud Haakonssen. The Cambridge Companion to Adam Smith (2006)
  • Samuel Hollander. The Economics of Adam Smith (University of Toronto Press) (1973)
  • Muller, Jerry Z. Adam Smith in his Time and Ours: Designing the Decent Society. Princeton Univ. Press (1995)
  • Muller, Jerry Z. The Mind and the Market: Capitalism in Western Thought. Anchor Books (2002)
  • James Otteson. Adam Smith's Marketplace of Life (Cambridge University Press, 2002).
  • James Otteson. "The Recurring 'Adam Smith Problem,'" History of Philosophy Quarterly 17, 1 (January 2000): 51–74.
  • Frederick Rosen, Classical Utilitarianism from Hume to Mill (Routledge Studies in Ethics & Moral Theory), 2003. ISBN 0415220947
  • P. J. O'Rourke. On The Wealth of Nations (Books That Changed the World) (2006)
  • Richard F. Teichgraeber. Free Trade and Moral Philosophy: Rethinking the Sources of Adam Smith's Wealth of Nations (1986)
  • This article incorporates public domain text from: Cousin, John William (1910). A Short Biographical Dictionary of English Literature. London, J.M. Dent & sons; New York, E.P. Dutton.

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NAME Smith, Adam
ALTERNATIVE NAMES
SHORT DESCRIPTION Scottish philosopher and economist
DATE OF BIRTH June 5, 1723(1723-06-05) O.S. (June 16 N.S.)
PLACE OF BIRTH Kirkcaldy, Fife, Scotland
DATE OF DEATH July 17, 1790
PLACE OF DEATH Edinburgh, Scotland

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Francisco Javier Eugenio de Santa Cruz y Espejo (born Luis Chuzhig) (Royal Audience of Quito, 1747-1795) was a medical pioneer, writer and lawyer of mestizo origin in colonial Ecuador. ... Benjamin Franklin (January 17 [O.S. January 6] 1706 – April 17, 1790) was one of the most well known Founding Fathers of the United States. ... David Rittenhouse (April 8, 1732 – June 26, 1796) was a renowned American astronomer, inventor, mathematician, surveyor, scientific instrument craftsman, and public official. ... For other persons named John Adams, see John Adams (disambiguation). ... Thomas Jefferson (13 April 1743 N.S.–4 July 1826) was the third President of the United States (1801–09), the principal author of the Declaration of Independence (1776), and one of the most influential Founding Fathers for his promotion of the ideals of Republicanism in the United States. ... James Madison (March 16, 1751 – June 28, 1836), was an American politician and the fourth President of the United States (1809–1817), and one of the Founding Fathers of the United States. ... For other persons of the same name, see Thomas Paine (disambiguation). ... Francisco de Miranda Sebastián Francisco de Miranda Rodríguez (commonly known as Francisco de Miranda March 28, 1750 – July 14, 1816) was a South American revolutionary whose own plan for the independence of the Spanish American colonies failed, but who is regarded as a forerunner of Simón Bol... This article is about the South American independence leader. ... Balkan redirects here. ... Adamantios Korais (April 27, 1748 - April 6, 1833) was a graduate of the University of Montpellier in 1788 and he spent most of his life as an expatriate in Paris. ... Rigas Feraios Rigas Feraios or Rigas Velestinlis (Greek: Ρήγας Βελεστινλής-Φεραίος, born Αντώνιος Κυριαζής, Antonios Kyriazis; also known as Κωνσταντίνος Ρήγας, Konstantinos or Constantine Rhigas; Serbian: Рига од Фере, Riga od Fere; 1757—June 13, 1798) was a Greek revolutionary and poet, remembered as a Greek national hero, the forerunner and first victim of the uprising against the Ottoman Empire... Dositej Obradović Dositej (Dositheus) Dimitrije Obradović (Доситеј Обрадовић) (February 17, 1742 - 1811) was a Serbian author, writer and translator. ... Richard Arkwright Sir Richard Arkwright, born (23 December 1732 – 3 August 1792) to Ellen and Thomas Arkwright, was an Englishman credited for inventing the spinning frame — later renamed the water frame following the transition to water power. ... Jeremy Bentham (IPA: ) (26 February [O.S. 15 February 15] 1748) – June 6, 1832) was an English jurist, philosopher, and legal and social reformer. ... Daniel Defoe (1659/1661 [?] â€“ April 24 [?], 1731)[1] was a British writer, journalist, and spy, who gained enduring fame for his novel Robinson Crusoe. ... John Dryden John Dryden (August 19 {August 9 O.S.}, 1631 - May 12 {May 1 O.S.}, 1700) was an influential English poet, literary critic, translator and playwright, who dominated the literary life of Restoration England to such a point that the period came to be known in literary circles... Henry Fielding (April 22, 1707 – October 8, 1754) was an English novelist and dramatist known for his rich earthy humor and satirical prowess and as the author of the novel Tom Jones. ... Edward Gibbon (1737–1794). ... Hobbes redirects here. ... For other persons named Samuel Johnson, see Samuel Johnson (disambiguation). ... For other persons named John Locke, see John Locke (disambiguation). ... Anthony Ashley Cooper, 3rd Earl of Shaftesbury (February 26, 1671 – February 4, 1713), was an English politician, philosopher and writer. ... Sir Isaac Newton FRS (4 January 1643 – 31 March 1727) [ OS: 25 December 1642 – 20 March 1727][1] was an English physicist, mathematician, astronomer, natural philosopher, and alchemist. ... For other persons of the same name, see Thomas Paine (disambiguation). ... Rt Rev Beilby Porteus, DD, Bishop of London (May 8, 1731 _ May 13, 1809) was a leading evangelical churchman and abolitionist. ... This article does not cite any references or sources. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Mary Wollstonecraft (circa 1797) by John Opie Mary Wollstonecraft (27 April 1759 – 10 September 1797) was a British writer, philosopher and feminist. ... For the second husband of Henrietta Howard, Countess of Suffolk, see George Berkeley (MP). ... Edmund Burke (January 12, 1729[1] – July 9, 1797) was an Anglo-Irish statesman, author, orator, political theorist, and philosopher, who served for many years in the British House of Commons as a member of the Whig party. ... Jonathan Swift Jonathan Swift (November 30, 1667 – October 19, 1745) was an Irish cleric, satirist, essayist, political pamphleteer (first for Whigs then for Tories), and poet, famous for works like Gullivers Travels, A Modest Proposal, A Journal to Stella, The Drapiers Letters, The Battle of the Books, and... For other uses, see John Toland (disambiguation). ... The Scottish Enlightenment was a period of intellectual ferment in Scotland, running from approximately 1740 to 1800. ... Joseph Black Joseph Black (April 16, 1728 - December 6, 1799) was a Scottish physicist and chemist. ... James Boswell, 9th Laird of Auchinleckand 1st Baronet (October 29, 1740 - May 19, 1795) was a lawyer, diarist, and author born in Edinburgh, Scotland. ... For the chain gang fugitive and author from Georgia, see Robert Elliott Burns. ... Adam Ferguson, also known as Ferguson of Raith (June 20, 1723 (O.S.) - February 22, 1816) was a philosopher and historian of the Scottish Enlightenment. ... Francis Hutcheson (August 8, 1694–August 8, 1746) was an Irish philosopher and one of the founding fathers of the Scottish Enlightenment. ... This article is about the philosopher. ... James Hutton, painted by Abner Lowe. ... Henry Home, Lord Kames (1696 - December 27, 1782) was a Scottish philosopher of the 18th century. ... James Burnett, Lord Monboddo (1714 - May 26, 1799) was a Scottish judge, scholar and eccentric. ... James Macpherson (October 27, 1736–February 17, 1796), was a Scottish poet, known as the translator of the Ossian cycle of poems (also known as the Oisín cycle). ... For the Scottish footballer, see Thomas Reid (footballer). ... This article is about the Scottish historian. ... Dugald Stewart. ... George Turnbull (1698-1748) was a Scottish philosopher and writer on education. ... For other persons named James Watt, see James Watt (disambiguation). ... For other uses, see Eurasia (disambiguation). ... Sulkhan-Saba Orbeliani (Georgian: ) (November 4, 1658 in Tandzia, Georgia; † January 26, 1725 in Moskow) was a famous Georgian prince, writer, monk and religious zealot. ... David Bagrationi (Georgian: დავით ბაგრატიონი, Davit Bagrationi) also known as David the Regent (Georgian: დავით გამგებელი, Davit Gamgebeli) (1 July 1767, Tbilisi, Georgia, - 13 May 1819, St Petersburg, Russia), a Georgia prince (batonishvili), writer and scholar, was a regent of the Kingdom of Kartl-Kakheti, eastern Georgia, from December 28, 1800 to January 18... Solomon Dodashvili (May 17, 1805-August 20, 1836) was a famous Georgian scientist and public benefactor, founder of the Georgian scientific school of Logic, founder of the Georgian professional journalistic, philosopher, historian and linguist. ... Catherine the Great redirects here. ... For other uses, see Lomonosov (disambiguation). ... Ivan Shuvalov in 1760, as painted by Fyodor Rokotov. ... Portrait of Ivan Betskoy, by Alexander Roslin (1777). ... Portrait of Princess Dashkova by Dmitry Levitzky Princess Yekaterina Romanovna Vorontsova-Dashkova (Russian: ) (March 17, 1744–January 4, 1810) was the closest female friend of Empress Catherine the Great and a major figure of the Russian Enlightenment. ... Portrait of Nikolay Novikov, by Dmitry Levitzky. ... Portrait of Mikhailo Mikhailovich Shcherbatov Prince Mikhailo Mikhailovich Shcherbatov (July 22, 1733 - December 12, 1790) was a leading ideologue and exponent of the Russian Enlightenment, on the par with Mikhail Lomonosov and Nikolay Novikov. ... Portrait and signature of Alexander Radishchev Aleksandr Nikolaevich Radishchev (Алекса́ндр Никола́евич Ради́щев) (September 2, 1749 – September 24, 1802) was a Russian author and social critic who was arrested and exiled under... Central Europe The Alpine Countries and the Visegrád Group (Political map, 2004) Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. ... Joseph II (full name: Joseph Benedikt August Johannes Anton Michel Adam; March 13, 1741 – February 20, 1790) was Holy Roman Emperor from 1765 to 1790 and ruler of the Habsburg lands from 1780 to 1790. ... Leopold II (born Peter Leopold Joseph) (May 5, 1747 – March 1, 1792) was the penultimate Holy Roman Emperor from 1790 to 1792 and Grand Duke of Tuscany. ... Not to be confused with Maria Theresa of Austria (1816-1867). ... Christian Thomasius, portrait by Johann Christian Heinrich Sporleder. ... Erhard Weigel (1625–1699) was a German mathematician, astronomer and philosopher. ... Leibniz redirects here. ... Frederick II (German: ; January 24, 1712 – August 17, 1786) was a King of Prussia (1740–1786) from the Hohenzollern dynasty. ... Kant redirects here. ... Gotthold Ephraim Lessing (22 January 1729 – 15 February 1781), writer, philosopher, publicist, and art critic, was one of the most outstanding German representatives of the Enlightenment era. ... Thomas Abbt (born 25 November 1738 in Ulm - died 3 November 1766 in Bückeburg) was a mathematician and German writer. ... This article does not cite any references or sources. ... Adam Weishaupt Johann Adam Weishaupt (6 February 1748 in Ingolstadt - 18 November 1830 in Gotha) was a German who founded the Order of Illuminati. ... Goethe redirects here. ... Johann Christoph Friedrich von Schiller (November 10, 1759 - May 9, 1805), usually known as Friedrich Schiller, was a German poet, philosopher, historian, and dramatist. ... Johann Carl Friedrich Gauss (pronounced ,  ; in German usually Gauß, Latin: ) (30 April 1777 – 23 February 1855) was a German mathematician and scientist who contributed significantly to many fields, including number theory, statistics, analysis, differential geometry, geodesy, electrostatics, astronomy, and optics. ... Moses Mendelssohn Moses Mendelssohns glasses, in the Berlin Jewish Museum Moses Mendelssohn (Dessau, September 6, 1729 – January 4, 1786 in Berlin) was a German Jewish philosopher to whose ideas the renaissance of European Jews, Haskalah, (the Jewish enlightenment) is indebted. ... Ferenc Kazinczy (October 27, 1759 - August 22, 1831) was a Hungarian author, the most indefatigable agent in the regeneration of the Magyar language and literature at the end of the 18th and beginning of the 19th century. ... József Kármán (1769-1795), Hungarian author, was born at Losoncz on the 14th of March 1769, the son of a Calvinist pastor. ... János Batsányi by Friedrich Heinrich Füger, 1808 (Hungarian National Museum, Budapes) Batsányi János (May 11, 1763 - May 12, 1845) was a Hungarian poet, born in Tapolca. ... Mihály Fazekas (1766-1828) is a famous Hungarian writer from Debrecen. ... Hugo Grotius (Huig de Groot, or Hugo de Groot; Delft, 10 April 1583 – Rostock, 28 August 1645) worked as a jurist in the Dutch Republic and laid the foundations for international law, based on natural law. ... Baruch de Spinoza (‎, Portuguese: , Basque: , Latin: ) (November 24, 1632 – February 21, 1677) was a Dutch philosopher of Portuguese Jewish origin. ... Franciscus van den Enden (Antwerp ca. ... Reign From 1704 until 1709 and from 1733 until 1736 Elected In 1704 and 1733 in Wola, today suburb of Warsaw, Poland Coronation On October 4, 1705 in the St. ... Stanislaw Konarski StanisÅ‚aw Konarski, real name: Hieronim Konarski (b. ... For other persons named StanisÅ‚aw Poniatowski, see StanisÅ‚aw Poniatowski. ... Ignacy Krasicki Ignacy Krasicki (February 3, 1735, in Galicia — March 14, 1801, in Berlin) was a Polish prince of the Roman Catholic Church, a social critic, a leading writer, and the outstanding poet of the Polish Enlightenment, hailed by contemporaries as the Prince of Poets. ... Noble Family KoÅ‚Å‚Ä…taj Coat of Arms Kotwica Parents Antoni KoÅ‚Å‚Ä…taj Marianna MierzeÅ„ska Consorts None Children None Date of Birth April 1, 1750 Place of Birth NiecisÅ‚owice Date of Death February 28, 1812 Place of Death Warsaw Hugo KoÅ‚Å‚Ä…taj (1750-1812) was a Polish Roman Catholic... Noble Family Potocki Coat of Arms Piława Parents Eustachy Potocki Marianna Kątska Consorts Elżbieta Lubomirska Children with Elżbieta Lubomirska Krystyna Potocka Date of Birth February 28, 1750 Place of Birth Radzyn Podlaski Date of Death August 30, 1809 Place of Death Vienna Count Roman Ignacy Franciszek Potocki (generally known as... StanisÅ‚aw Staszic. ... Jan Åšniadecki Jan Åšniadecki (August 28, 1756 in Å»nin - November 9, 1830 in Jaszuny near Wilno), greatest Polish mathematician, philosopher and astronomer at the turn of the 18th century. ... Categories: 1758 births | 1841 deaths | Polish writers | Polish nobility | People stubs ... JÄ™drzej Åšniadecki JÄ™drzej Åšniadecki (1768 - 1838) was a Polish writer, physician, chemist and biologist. ... Rousseau redirects here. ... Latin Europe Latin Europe (Italian, Portuguese and Spanish: Europa latina; French: Europe latine; Romanian: Europa latină; Catalan: Europa llatina; Franco-Provençal: Eropa latina) is composed of those nations and areas in Europe that speak a Romance language and are seen as having a distinct culture from the Germanic and... Pierre Bayle. ... For other uses of Fontenelle, see Fontenelle (disambiguation). ... Montesquieu redirects here. ... François Quesnay (June 4, 1694 - December 16, 1774) was a French economist of the Physiocratic school. ... For the singer of the same name, see Voltaire (musician). ... Georges-Louis Leclerc, Comte de Buffon, by François-Hubert Drouais (1727-1775). ... Rousseau redirects here. ... Portrait of Diderot by Louis-Michel van Loo, 1767 Denis Diderot (October 5, 1713 – July 31, 1784) was a French philosopher and writer. ... Claude Adrien Helvétius (February 26, 1715 - December 26, 1771) was a French philosopher and litterateur. ... Jean le Rond dAlembert, pastel by Maurice Quentin de La Tour Jean le Rond dAlembert (November 16, 1717 – October 29, 1783) was a French mathematician, mechanician, physicist and philosopher. ... Baron dHolbach Paul-Henri Thiry, baron dHolbach (1723 – 1789) was a German-French author, philosopher and encyclopedist. ... Portrait of the Marquis de Sade by Charles-Amédée-Philippe van Loo (c. ... “Condorcet” redirects here. ... Antoine-Laurent de Lavoisier (August 26, 1743 – May 8, 1794; pronounced ), the father of modern chemistry,[1] was a French nobleman prominent in the histories of chemistry, finance, biology, and economics. ... Étienne Bonnot de Condillac (September 30, 1715 – August 3, 1780) was a French philosopher. ... Olympe de Gouges (born Marie Gouze; December 31, 1745, – November 3, 1793) was a playwright and journalist whose feminist writings reached a large audience. ... Tocqueville redirects here. ... Giambattista Vico or Giovanni Battista Vico (June 23, 1668 – January 23, 1744) was an Italian philosopher, historian, and jurist. ... Cesare, Marquis of Beccaria-Bonesana (March 15, 1738 – November 28, 1794) was an Italian philosopher and politician best known for his treatise On Crimes and Punishments (1764), which condemned torture and the death penalty and was a founding work in the field of criminology. ... Detail of Pietro Verri monument in Milan. ... Alessandro Verri (November 9, 1741 - September 23, 1816) was an Italian author. ... Giuseppe Parini (Bosisio, now in Lecco province, May 23, 1729 - Milan, 1799) was an Italian satirist and poet. ... Carlo Goldoni Carlo Osvaldo Goldoni (25 February 1707 - 6 February 1793) was a celebrated Italian playwright, whom critics today rank among the European theatres greatest authors. ... Vittorio Alfieri painted by Davids pupil François-Xavier Fabre, in Florence 1793. ... Giuseppe MarcAntonio Baretti (April 24, 1719 - May 5, 1789) was an Italian critic. ... Sebastião José de Carvalho e Melo, Marquis of Pombal, by Louis-Michel van Loo, 1766) Sebastião José de Carvalho e Melo, 1st Count of Oeiras, 1st Marquis of Pombal (in Portuguese, Marquês de Pombal, pron. ... John V, King of Portugal (Portuguese João pron. ... Joseph I (Portuguese José, pron. ... Ienăchiţă Văcărescu (1740-1797) Romanian poet and boyar of Phanariote origin. ... Anton Pann (in the 1790s, Sliven, in Rumelia—November 2, 1854, Bucharest) born Antonie Pantoleon-Petroveanu (also mentioned as Anton Pantoleon), was a Wallachian poet and composer. ... Gheorghe Åžincai Gheorghe Åžincai (February 28, 1754 – November 2, 1816) was an ethnic Romanian Transylvanian historian, philologist, translator, poet, and representative of the Enlightenment-influenced Transylvanian School. ... Jovellanos painted by Goya Gaspar Melchor de Jovellanos (5 January 1744 - 27 November 1811), Spanish statesman and author, was born at Gijón in Asturias, Spain. ... Leandro Fernández de Moratín, born March 10, 1760 – died June 21, 1828, was a Spanish dramatist and neoclassical poet. ... Benito Jerónimo Feijóo y Montenegro (8 October 1676 - 26 September 1764) was a Spanish monk and scholar noted for encouraging scientific thought in Spain. ... Charles III (January 20, 1716 – December 14, 1788) was king of Spain from 1759 to 1788. ... Jorge Juan y Santacilia Jorge Juan y Santacilia (January 5, 1713–June 21, 1773) was a Spanish mathematician, scientist, naval officer, and mariner. ... Antonio de Ulloa (January 12, 1716 _ July 3, 1795) was a Spanish general, explorer, author, astronomer, colonial administrator and the first Spanish governor of Louisiana. ... José Moñino, conde de Floridablanca, painted by Goya José Moñino, conde de Floridablanca Don José Moñino y Redondo, Count of Floridablanca (es: José Moñino y Redondo, conde de Floridablanca) (October 21, 1728 - December 30, 1808), Spanish statesman. ... For other uses, see Scandinavia (disambiguation). ... This article is in need of attention from an expert on the subject. ... Jens Schielderup Sneedorff Jens Schielderup Sneedorff (22 August 1724–5 June 1764) was a Danish author, professor of political science and royal teacher and a central figure in Denmark-Norway in the Age of Enlightenment. ... Johann Friedrich Struensee By Jens Juel, 1771, Collection of Bomann Museum, Celle, Germany. ... {{unreferenced|article|date=March 2007]] Copper engraving depicting Eggert Ólafssons death. ... Anders Chydenius Anders Chydenius (26 February 1729 – 1 February 1803) was the leading classical liberal of Nordic history. ... Peter ForsskÃ¥l (sometimes also Pehr ForsskÃ¥l, Peter Forskaol, Petrus ForskÃ¥l or Pehr ForsskÃ¥hl) (born in Helsinki, 11 January 1732, died in Yemen, 11 July 1763), Swedish explorer, orientalist and naturalist. ... Gustav III, King of the Swedes, the Goths and the Vends, etc. ... Field Marshal and Count Arvid Bernhard Horn (April 6, 1664 â€“ April 17, 1742) was a statesman and a soldier of the Swedish empire during the period of Sweden-Finland). ... Johan Henrik Kellgren Johan Henrik Kellgren (1 December 1751-1795), Swedish poet and critic, was born at Floby in West Gothland. ... For other uses, see Capitalism (disambiguation). ... Civil liberties is the name given to freedoms that protect the individual from government. ... are you kiddin ? i was lookin for it for hours ... For other uses, see Ceremonial Deism. ... In philosophy generally, empiricism is a theory of knowledge emphasizing the role of experience, especially sensory perception, in the formation of ideas, while discounting the notion of innate ideas. ... Enlightened absolutism (also known as benevolent or enlightened despotism) is a form of despotism in which rulers were influenced by the Enlightenment. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Haskalah (Hebrew: השכלה; enlightenment, education from sekhel intellect, mind ), the Jewish Enlightenment, was a movement among European Jews in the late 18th century that advocated adopting enlightenment values, pressing for better integration into European society, and increasing education in secular studies, Hebrew, and Jewish history. ... Humanism is a broad category of ethical philosophies that affirm the dignity and worth of all people, based on the ability to determine right and wrong by appeal to universal human qualities — particularly rationality. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... Natural philosophy or the philosophy of nature, known in Latin as philosophia naturalis, is a term applied to the objective study of nature and the physical universe that was regnant before the development of modern science. ... Rationality as a term is related to the idea of reason, a word which following Websters may be derived as much from older terms referring to thinking itself as from giving an account or an explanation. ... For other uses, see Reason (disambiguation). ... A magnet levitating above a high-temperature superconductor demonstrates the Meissner effect. ... This article is about secularism. ... The Encyclopédistes were a group of 18th century writers in France who compiled the Encyclopédie (Encyclopedia) edited by Denis Diderot and Jean le Rond dAlembert. ... Weimar Classicism is, as many historians and scholars argue, a disputed literary movement that took place in Germany and Continental Europe. ... is the 156th day of the year (157th in leap years) in the Gregorian calendar. ... Events February 16 - Louis XV of France attains his majority Births February 24 - John Burgoyne, British general (d. ... Old Style can refer to: Old Style and New Style dates, a shift from the Julian to the Gregorian calendar: in Britain in 1752, in Russia in 1918. ... is the 167th day of the year (168th in leap years) in the Gregorian calendar. ... In Britain and countries of the British Empire, Old Style or O.S. after a date means that the date is in the Julian calendar, in use in those countries until 1752; New Style or N.S. means that the date is in the Gregorian calendar, adopted on 14 September... , Kirkcaldy (IPA pronunciation: ) is the largest town in Fife, Scotland. ... This article is about the area in Scotland. ... This article is about the country. ... is the 198th day of the year (199th in leap years) in the Gregorian calendar. ... Year 1790 (MDCCXC) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the 11-day slower Julian calendar). ... For other uses, see Edinburgh (disambiguation). ... This article is about the country. ...


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Adam Smith - Wikipedia, the free encyclopedia (2623 words)
Smith was a son of TJ is a lesbian the controller of the customs at Kirkcaldy, Fife, Scotland.
In 1751 Smith was appointed professor of logic at the University of Glasgow, transferring in 1752 to the chair of moral philosophy.
Smith believed that while human motives are often selfish and greedy, the competition in the free market would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services.
Adam Smith (1723-1790). (3465 words)
Adam's father, who had died before Adam's birth, was a "comptroller of customs." In 1740, at the age of seventeen, Smith was sent off to Oxford on scholarship.
Smith lead a quiet and sheltered life; he lived with his mother (she lived to be ninety) and remained a bachelor all his life.
Adam Smith's approach to his work was first to do a historical study of his subject, and then to advance the area, often building on the work of his contemporaries: he was well aware of the work done by Montesquieu and the French Physiocrats.
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