Adam Smith

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Adam Smith

Adam Smith (pronounced: /ˈædəm smɪθ/) was a renowned Scottish economist and philosopher, often considered the father of modern economics.

Etymology

The name "Adam Smith" is of English origin, with "Adam" being derived from the Hebrew word for "man" and "Smith" being an occupational surname for a worker in metal, from the Old English word "smið".

Biography

Adam Smith was born in Kirkcaldy, Scotland in 1723. He is best known for his two classic works: The Theory of Moral Sentiments (1759), which explored the effectiveness of human sympathy, and An Inquiry into the Nature and Causes of the Wealth of Nations (1776), which is considered his magnum opus and the first modern work of economics.

Related Terms

  • Economics: The social science that studies the production, distribution, and consumption of goods and services.
  • Philosophy: The study of fundamental questions about existence, reality, knowledge, values, reason, mind, and ethics.
  • The Theory of Moral Sentiments: A book by Adam Smith that explores the concept of moral judgement, particularly the origin of people's ability to form moral judgements despite their natural inclinations towards self-interest.
  • An Inquiry into the Nature and Causes of the Wealth of Nations: Often simply referred to as The Wealth of Nations, this book is considered the first modern work of economics. It offers one of the world's first collected descriptions of what builds nations' wealth and is today a fundamental work in classical economics.

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