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| {{About|the Scottish moral philosopher|other persons of the same name|Adam Smith (disambiguation)}} | |||
| {{Infobox Philosopher | |||
| <!-- Philosopher Category --> | |||
| |region = Western Economists | |||
| |era = ]<br />(Modern economics) | |||
| |color = #B0C4DE | |||
| |image_name = AdamSmith.jpg | |||
| | image_alt = A sketch of a man facing to the right | |||
| <!-- Information --> | |||
| |name = Adam Smith | |||
| |birth_date = 16 June 1723<br />{{smaller|(]: 5 June 1723)}} | |||
| |birth_place = ], ], ] | |||
| |death_date = {{death date and age|df=yes|1790|07|17|1723|06|16}} | |||
| |death_place = ], ] | |||
| |school_tradition = ] | |||
| |main_interests = ], ], ] | |||
| |influences = ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ] | |||
| |influenced = ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ]{{·}} ] | |||
| |notable_ideas = ],<br />modern ],<br />],<br />the "]" | |||
| }} | |||
| '''Adam Smith''' (] 16 June 1723 – 17 July 1790 {{smaller|<nowiki>]: 5 June 1723 – 17 July 1790<nowiki>]</nowiki>}}) was a ] ] and a pioneer of ]. One of the key figures of the ], Smith is the author of '']'' and '']''. The latter, usually abbreviated as ''The Wealth of Nations'', is considered his '']'' and the first modern work of ]. Smith is widely cited as the father of modern economics.<ref name=HoaasMadigan1999>{{Cite journal | last1 = Hoaas | first1 = David J. | last2 = Madigan | first2 = Lauren J. |title=A citation analysis of economists in principles of economics textbooks |journal=The Social Science Journal |volume=36 | number = 3 |pages=525–532|year=1999 | doi = 10.1016/S0362-3319(99)00022-1}}</ref><ref>{{harvnb|Rae|1895|p=292}}</ref> | |||
| Smith studied ] at the ] and ]. After graduating, he delivered a successful series of public lectures at ], leading him to collaborate with ] during the Scottish Enlightenment. Smith obtained a professorship at ] teaching moral philosophy, and during this time he wrote and published ''The Theory of Moral Sentiments''. In his later life, he took a tutoring position that allowed him to travel throughout ], where he met other intellectual leaders of his day. Smith returned home and spent the next ten years writing ''The Wealth of Nations''. He published the book in 1776, before his death several years later in 1790. | |||
| ==Biography== | ==Biography== | ||
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| Smith was born to Margaret Douglas at ], ], ]. His father, also named Adam Smith, was a ], ], and ] who married Margaret Douglas in 1720 and died six months before Smith was born.<ref>{{harvnb|Bussing-Burks|2003|pp=38–39}}</ref> Although the exact date of Smith's birth is unknown, his baptism was recorded on <!-- 5 June is OS; 16 June is NS -->16 June 1723 at Kirkcaldy.<ref>{{harvnb|Buchan|2006|p=12}}</ref> Though few events in Smith's early childhood are known, Scottish journalist and Smith's biographer ] recorded that the man was abducted by gypsies at the age of four and eventually released when others went to rescue him.{{#tag:ref|In ''Life of Adam Smith'', Rae writes, "In his fourth year, while on a visit to his grandfather's house at Strathendry on the banks of the Leven, was stolen by a passing band of gypsies, and for a time could not be found. But presently a gentleman arrived who had met a gypsy woman a few miles down the road carrying a child that was crying piteously. Scouts were immediately dispatched in the direction indicated, and they came upon the woman in Leslie wood. As soon as she saw them she threw her burden down and escaped, and the child was brought back to his mother. would have made, I fear, a poor gypsy."<ref name="rae 1895 5" />|group=N}} Smith was close to his mother, who likely encouraged him to pursue his scholarly ambitions.<ref name="Bussing-Burks 2003 39">{{harvnb|Bussing-Burks|2003|p=39}}</ref> He attended the ]—characterised by Rae as "one of the best secondary schools of Scotland at that period"—from 1729 to 1737.<ref name="rae 1895 5">{{harvnb|Rae|1895|p=5}}</ref> While there, he studied ], ], ], and ].<ref name="Bussing-Burks 2003 39" /> | Smith was born to Margaret Douglas at ], ], ]. His father, also named Adam Smith, was a ], ], and ] who married Margaret Douglas in 1720 and died six months before Smith was born.<ref>{{harvnb|Bussing-Burks|2003|pp=38–39}}</ref> Although the exact date of Smith's birth is unknown, his baptism was recorded on <!-- 5 June is OS; 16 June is NS -->16 June 1723 at Kirkcaldy.<ref>{{harvnb|Buchan|2006|p=12}}</ref> Though few events in Smith's early childhood are known, Scottish journalist and Smith's biographer ] recorded that the man was abducted by gypsies at the age of four and eventually released when others went to rescue him.{{#tag:ref|In ''Life of Adam Smith'', Rae writes, "In his fourth year, while on a visit to his grandfather's house at Strathendry on the banks of the Leven, was stolen by a passing band of gypsies, and for a time could not be found. But presently a gentleman arrived who had met a gypsy woman a few miles down the road carrying a child that was crying piteously. Scouts were immediately dispatched in the direction indicated, and they came upon the woman in Leslie wood. As soon as she saw them she threw her burden down and escaped, and the child was brought back to his mother. would have made, I fear, a poor gypsy."<ref name="rae 1895 5" />|group=N}} Smith was close to his mother, who likely encouraged him to pursue his scholarly ambitions.<ref name="Bussing-Burks 2003 39">{{harvnb|Bussing-Burks|2003|p=39}}</ref> He attended the ]—characterised by Rae as "one of the best secondary schools of Scotland at that period"—from 1729 to 1737.<ref name="rae 1895 5">{{harvnb|Rae|1895|p=5}}</ref> While there, he studied ], ], ], and ].<ref name="Bussing-Burks 2003 39" /> | ||
| ].|alt=A plaque of Smith]] | |||
| ===Formal education=== | ===Formal education=== | ||
| Smith entered the ] when he was fourteen and studied ] under ].<ref name="Bussing-Burks 2003 39" /> Here he developed his passion for ], ], and ]. In 1740, Smith was awarded the ] and left the University of Glasgow to attend ].<ref>{{harvnb|Buchan|2006|p=22}}</ref> | Smith entered the ] when he was fourteen and studied ] under ].<ref name="Bussing-Burks 2003 39" /> Here he developed his passion for ], ], and ]. In 1740, Smith was awarded the ] and left the University of Glasgow to attend ].<ref>{{harvnb|Buchan|2006|p=22}}</ref> | ||
| 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 him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith returned home and spent the next ten years writing The Wealth of Nations. He published the book in 1776, before his death several years later in 1790 | |||
| Smith considered the teaching at Glasgow to be far superior to that at ], and found his experience at the latter to be intellectually stifling.<ref name="Bussing-Burks 2003 41">{{harvnb|Bussing-Burks|2003|p=41}}</ref> In Book V, Chapter II of ''The Wealth of Nations'', Smith wrote: "In the University of Oxford, the greater part of the public professors have, for these many years, given up altogether even the pretence of teaching." | |||
| Smith is also reported to have complained to friends that Oxford officials once discovered him reading a copy of ] '']'', and they subsequently confiscated his book and punished him severely for reading it.<ref name="rae 1895 5" /><ref name="rae 1895 24">{{harvnb|Rae|1895|p=24}}</ref><ref name="Buchholz 1999 12">{{harvnb|Buchholz|1999|p=12}}</ref> According to William Robert Scott, "The Oxford of time gave little if any help towards what was to be his lifework."<ref>{{cite book |title=Introductory Economics |publisher=New Age Publishers |isbn=8122418309 |page=4}}</ref> Nevertheless, Smith took the opportunity while at Oxford to teach himself several subjects by reading many books from the shelves of the large Oxford library.<ref name="rae 1895 22">{{harvnb|Rae|1895|p=22}}</ref> When Smith was not studying on his own, his time at Oxford was not a happy one, according to his letters.<ref name="rae 1895 24–25">{{harvnb|Rae|1895|pp=24–25}}</ref> Near the end of his time at Oxford, Smith began suffering from shaking fits, probably the symptoms of a nervous breakdown.<ref name="Bussing-Burks 2003 42">{{harvnb|Bussing-Burks|2003|p=42}}</ref> He left Oxford University in 1746, before his scholarship ended.<ref name="Bussing-Burks 2003 42" /><ref>{{harvnb|Buchan|2006|p=29}}</ref> | |||
| In Book V of ''The Wealth of Nations'', Smith comments on the low quality of instruction and the meager intellectual activity at ], when compared to their Scottish counterparts. He attributes this both to the rich endowments of the colleges at Oxford and ], which made the income of professors independent of their ability to attract students, and to the fact that distinguished ] could make an even more comfortable living as ministers of the ]. Smith had originally intended to study ] and enter the ], but his subsequent learning, especially from the skeptical writings of David Hume, persuaded him to take a different route.<ref name="Buchholz 1999 12" /> | |||
| ===Teaching career=== | |||
| Smith began delivering public lectures in 1748 at ] under the patronage of ].<ref name="rae 1895 30">{{harvnb|Rae|1895|p=30}}</ref> His lecture topics included ] and '']'', and later the subject of "the progress of opulence". On this latter topic he first expounded his economic philosophy of "the obvious and simple system of ]". While Smith was not adept at ], his lectures met with success.<ref name="Bussing-Burks 2003 43">{{harvnb|Bussing-Burks|2003|p=43}}</ref> | |||
| ] was a friend and contemporary of Smith.|alt=A man posing for a painting]] | |||
| In 1750, he met the philosopher ], who was his senior by more than a decade. The alignments of opinion that can be found within their writings covering history, politics, philosophy, economics, and religion indicate that they 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.<ref>{{cite encyclopedia |title=Smith, Adam (bap. 1723, d. 1790) |encyclopedia=] |publisher=] |month=September |year=2004 |author=Winch, Donald}}</ref> | |||
| In 1751, Smith earned a professorship at Glasgow University teaching ] courses. When the ] died the next year, Smith took over the position.<ref name="Bussing-Burks 2003 43">{{harvnb|Bussing-Burks|2003|p=43}}</ref> He would continue academic production for the next thirteen years, which he characterized as "by far the most useful and therefore by far the happiest and most honourable period ".<ref name="rae 1895 42">{{harvnb|Rae|1895|p=42}}</ref> His lectures covered the fields of ], ], ], ], and "police and revenue". | In 1751, Smith earned a professorship at Glasgow University teaching ] courses. When the ] died the next year, Smith took over the position.<ref name="Bussing-Burks 2003 43">{{harvnb|Bussing-Burks|2003|p=43}}</ref> He would continue academic production for the next thirteen years, which he characterized as "by far the most useful and therefore by far the happiest and most honourable period ".<ref name="rae 1895 42">{{harvnb|Rae|1895|p=42}}</ref> His lectures covered the fields of ], ], ], ], and "police and revenue". | ||
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| After the publication of ''The Theory of Moral Sentiments'', Smith began to give more attention to ] and economics in his lectures and less to his theories of morals. The development of his ideas on political economy can be observed from the lecture notes taken down by a student in 1763, and from what William Robert Scott described as an early version of part of ''The Wealth of Nations''.<ref>{{harvnb|Buchan|2006|p=67}}</ref> For example, Smith lectured that labor—rather than the nation's quantity of gold or silver—is the cause of increase in national wealth.<ref name="autogenerated1">{{harvnb|Buchholz|1999|p=13}}</ref> | After the publication of ''The Theory of Moral Sentiments'', Smith began to give more attention to ] and economics in his lectures and less to his theories of morals. The development of his ideas on political economy can be observed from the lecture notes taken down by a student in 1763, and from what William Robert Scott described as an early version of part of ''The Wealth of Nations''.<ref>{{harvnb|Buchan|2006|p=67}}</ref> For example, Smith lectured that labor—rather than the nation's quantity of gold or silver—is the cause of increase in national wealth.<ref name="autogenerated1">{{harvnb|Buchholz|1999|p=13}}</ref> | ||
| ]|alt=A drawing of a man sitting down]] | |||
| In 1762, the academic senate of the University of Glasgow conferred on Smith the title of ] (LL.D.). At the end of 1763, he obtained a lucrative offer from ] (who had been introduced to Smith by David Hume) to tutor his stepson, Henry Scott, the young ]. Smith subsequently resigned from his professorship to take the tutoring position. Because he resigned in the middle of the term, Smith attempted to return the fees he had collected from his students, but they refused.<ref name="Buchholz 1999 16">{{harvnb|Buchholz|1999|p=16}}</ref> | In 1762, the academic senate of the University of Glasgow conferred on Smith the title of ] (LL.D.). At the end of 1763, he obtained a lucrative offer from ] (who had been introduced to Smith by David Hume) to tutor his stepson, Henry Scott, the young ]. Smith subsequently resigned from his professorship to take the tutoring position. Because he resigned in the middle of the term, Smith attempted to return the fees he had collected from his students, but they refused.<ref name="Buchholz 1999 16">{{harvnb|Buchholz|1999|p=16}}</ref> | ||
| Smith also believed that a division of labour would effect a great increase in production. One example he used was the making of pins. One worker could probably make only twenty pins per day. However, 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's views on division of labour are not unambiguously positive, and are typically mis-characterized.<ref>{{harvnb|Smith|1977|loc=bk. V, ch. 1}}</ref> On labor relations, Smith noted "severity" of laws against worker actions, and contrasted the masters' "clamour" against workers associations, with associations and collusions of the masters which "are never heard by the people" though such actions are "always" and "everywhere" taking place.<ref>{{harvnb|Smith|1977|loc=bk. I, ch. | |||
| ===Tutoring and travels=== | |||
| Smith's tutoring job entailed touring Europe with ] while teaching him subjects including proper ].<ref name="Buchholz 1999 16" /> Smith was paid ]300 per year plus expenses along with £300 per year pension, which was roughly twice his former income as a teacher.<ref name="Buchholz 1999 16" /> Smith first traveled as a tutor to ], where he stayed for a year and a half.<ref name="Buchholz 1999 16" /> According to accounts, Smith found Toulouse to be very boring, and he wrote to Hume that he "had begun to write a book in order to pass away the time".<ref name="Buchholz 1999 16" /> After touring the south of France, the group moved to ]. While in Geneva, Smith met with the philosopher ].<ref>{{harvnb|Buchholz|1999|pp=16–17}}</ref> After staying in Geneva, the party went to ]. | |||
| While in ], Smith came to know intellectual leaders such as ],<ref name="Buchholz 17">{{harvnb|Buchholz|1999|p=17}}</ref> ], ], ], ] and, in particular, ], the head of the ], whose academic products he respected greatly.<ref>{{harvnb|Buchan|2006|p=80}}</ref> The physiocrats believed that wealth came from production and not from the attainment of precious metals, which was adverse to ] thought. They also believed that agriculture tended to produce wealth and that merchants and manufacturers did not.<ref name="Buchholz 17" /> While Smith did not embrace all of the physiocrats' ideas, he did say that physiocracy was "with all its imperfections the nearest approximation to the truth that has yet been published upon the subject of political economy".<ref name="Buchholz 18">{{harvnb|Buchholz|1999|p=18}}</ref> | |||
| ===Later years=== | |||
| In 1766, Henry Scott's younger brother died in Paris, and Smith's tour as a tutor ended shortly thereafter.<ref name="Buchholz 18" /> Smith returned home that year to Kirkcaldy, and he devoted much of the next ten years to his magnum opus.<ref>{{harvnb|Buchan|2006|p=90}}</ref> There he befriended ], a young blind man who showed precocious aptitude. As well as teaching Moyes himself, Smith secured the patronage of David Hume and ] in the young man's education.<ref>''Dr ] to ]'', 24 February 1793, Lpool RO, Currie MS 920 CUR</ref> In May 1773 Smith was elected fellow of the ],<ref>{{harvnb|Buchan|2006|p=89}}</ref> and was elected a member of the ] in 1775.<ref>{{cite web |accessdate=2008-05-22 |url=http://econlib.org/library/YPDBooks/Rae/raeLS10.html |title=First Visit to London |publisher=]}}</ref> ] was published in 1776 and was an instant success, selling out the first edition in only six months.<ref name="Buchholz 19">{{harvnb|Buchholz|1999|p=19}}</ref> | |||
| In 1778 Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother in Panmure House in Edinburgh's Canongate.<ref>{{harvnb|Buchan|2006|p=128}}</ref> Five years later, he became one of the founding members of the ],<ref>{{harvnb|Buchan|2006|p=133}}</ref> and from 1787 to 1789 he occupied the honorary position of Lord ].<ref>{{harvnb|Buchan|2006|p=137}}</ref> He died in the northern wing of Panmure House in Edinburgh on 17 July 1790 after a painful illness and was buried in the ].<ref>{{harvnb|Buchan|2006|p=145}}</ref> On his death bed, Smith expressed disappointment that he had not achieved more.<ref name="Bussing-Burks 2003 53">{{harvnb|Bussing-Burks|2003|p=53}}</ref> | |||
| Smith's literary executors were two friends from the Scottish academic world: the physicist and chemist ], and the pioneering geologist ].<ref name="buchan 2006 25">{{harvnb|Buchan|2006|p=25}}</ref> Smith left behind many notes and some unpublished material, but gave instructions to destroy anything that was not fit for publication.<ref name="buchan 2006 88">{{harvnb|Buchan|2006|p=88}}</ref> He mentioned an early unpublished ''History of Astronomy'' as probably suitable, and it duly appeared in 1795, along with other material such as '']''.<ref name="buchan 2006 25" /> | |||
| ==Personality and beliefs== | |||
| ===Character=== | |||
| ]'s enamel paste medallion of Smith provided the model for many engravings and portraits which remain today.<ref>{{harvnb|Bonar|1895|pp=xx–xxiv}}</ref>|alt=An enamel paste medallion, depicting a man's head facing the right]] | |||
| Not much is known about Smith's personal views beyond what can be deduced from his published articles. His personal papers were destroyed after his death, at his own request.<ref name="buchan 2006 88" /> He never married<ref>{{harvnb|Buchan|2006|p=11}}</ref> and seems to have maintained a close relationship with his mother, with whom he lived after his return from France and who died six years before his own death.<ref>{{harvnb|Buchan|2006|p=134}}</ref> | |||
| 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".<ref>{{harvnb|Rae|1895|p=262}}</ref> He was known to talk to himself, and had occasional spells of imaginary illness.<ref name="Bussing-Burks 2003 53" /> Smith is often described as a prototypical ].<ref name="skousen 2001 32">{{harvnb|Skousen|2001|p=32}}</ref> He is reported to have had books and papers stacked up in his study, with a habit he developed during childhood of speaking to himself and smiling in rapt conversation with invisible companions.<ref name="skousen 2001 32" /> | |||
| Various anecdotes have discussed his absentminded nature. In one story, Smith took Charles Townshend on a tour of a tanning factory and while discussing free trade, Smith walked into a huge ] from which he had to be removed.<ref name="Buchholz 14">{{harvnb|Buchholz|1999|p=14}}</ref> Another episode records that he put bread and butter into a teapot, drank the concoction, and declared it to be the worst cup of tea he ever had. In another example, Smith went out walking and daydreaming in his nightgown and ended up {{convert|15|mi|km}} outside town before nearby church bells brought him back to reality.<ref name="skousen 2001 32" /><ref name="Buchholz 14" /> | |||
| ], 1790|alt=A drawing of a man standing up, with one hand holding a cane and the other pointing at a book]] | |||
| Smith is reported to have been an odd-looking fellow. One author stated that Smith "had a large nose, bulging eyes, a protruding lower lip, a nervous twitch, and a speech impediment".<ref name="Buchholz 1999 12" /> Smith is reported to have acknowledged his looks at one point saying, "I am a beau in nothing but my books."<ref name="Buchholz 1999 12" /> Smith "never" sat for portraits <ref>{{cite book|last=Stewart|first=Dugald|title=The Works of Adam Smith: With An Account of His Life and Writings |publisher=Henry G. Bohn|location=London|date=1853|pages=lxix|oclc=3226570|url=http://books.google.com/books?id=FbYCAAAAYAAJ|nopp=true}}</ref>, so depictions of him created during his lifetime were drawn from memory, with rare exceptions. The most famous examples were a profile by ] and two ]s by ].<ref>{{harvnb|Rae|1895|pp=376–377}}</ref> The line engravings produced for the covers of 19th century reprints of ''The Wealth of Nations'' were based largely on Tassie's medallion.<ref>{{harvnb|Bonar|1895|p=xxi}}</ref> | |||
| ===Religious views=== | |||
| There has been considerable scholarly debate about the nature of Smith's religious views. Smith's father had a strong interest in Christianity and belonged to the moderate wing of the ].<ref>{{harvnb|Ross|1995|p=15}}</ref> In addition to the fact that he received the Snell Exhibition, Smith may have also moved to England with the intention of pursuing a career in the ]. At Oxford, Smith rejected Christianity and it is generally believed that he returned to Scotland as a deist.<ref>{{cite journal |title=Times obituary of Adam Smith |journal=] |date=1790-07-24|pages=}}</ref> | |||
| Economist ] has challenged the view that Smith was a ],<ref>{{harvnb|Coase|1976|pp=529–546}}</ref> stating that while Smith may have referred to the "]", other scholars have "very much exaggerated the extent to which Adam Smith was committed to a belief in a personal God".<ref>{{harvnb|Coase|1976|p=538}}</ref> 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 "uperstition first attempted to satisfy this curiosity, by referring all those wonderful appearances to the immediate agency of the gods". Smith's distant friend and colleague David Hume, with whom he agreed on most matters, was described by contemporaries as an ], although there is some debate about the exact nature of his views among modern philosophers.<ref name="urlHume on Religion (Stanford Encyclopedia of Philosophy)">{{cite web |url=http://plato.stanford.edu/entries/hume-religion/ |title=Hume on Religion|publisher=] |accessdate=2008-05-26}}</ref> | |||
| In a letter to William Strahan, Smith's account of Hume's courage and tranquility in the face of death aroused violent public controversy,<ref name="urlOnline Library of Liberty — Letter From Adam Smith, LL.D. TO William Strahan, Esq. - Essays Moral, Political, Literary (LF ed.)">{{cite web |url=http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=704&chapter=137475&layout=html&Itemid=27 |publisher=Online Library of Liberty |title=Letter From Adam Smith, LL.D. TO William Strahan, Esq. - Essays Moral, Political, Literary (LF ed.) |accessdate=2008-05-26}}</ref> since it contradicted the assumption, widespread among orthodox believers, that an untroubled death was impossible without the consolation of religious belief.<ref>{{harvnb|Rae|1895|p=311}}</ref> | |||
| ==Published works== | |||
| Smith published a large body of works throughout his life, some of which have shaped the field of economics. Smith's first book, '']'' was written in 1759.<ref>{{harvnb|Buchan|2006|p=51}}</ref> It provided the ethical, philosophical, psychological, and methodological underpinnings to Smith's later works, including '']'' (1776), ''A Treatise on Public Opulence'' (1764) (first published in 1937), '']'' (1795), '']'' (1763) (first published in 1896), and ''Lectures on Rhetoric and Belles Lettres''. | |||
| ===''The Theory of Moral Sentiments''=== | |||
| {{Main|The Theory of Moral Sentiments}} | |||
| In 1759, Smith published his first work, ''The Theory of Moral Sentiments''. He continued to revise the work throughout his life, making extensive revisions to the final (6th) edition shortly before his death in 1790.{{#tag:ref|The 6 editions of ''Theory of Moral Sentiments'' were published in 1759, 1761, 1767, 1774, 1781, and 1790 respectively.<ref>{{cite web |accessdate=2010-01-31 |url=http://oll.libertyfund.org/index.php?option=com_staticxt&staticfile=show.php%3Ftitle=192&Itemid=27 |title=Adam Smith, Glasgow Edition of the Works and Correspondence Vol. 1 The Theory of Moral Sentiments |publisher=The Online Library of Liberty }}</ref>|group=N}} Although ''The Wealth of Nations'' is widely regarded as Smith's most influential work, it has been reported that Smith himself "always considered his ''Theory of Moral Sentiments'' a much superior work to his ''Wealth of Nations''".<ref>{{harvnb|Rae|1895}}</ref> ], author of the commentary ''On The Wealth of Nations'' (2007), has agreed, calling ''Theory of Moral Sentiments'' "the better book".<ref>{{cite web |url=http://www.npr.org/templates/story/story.php?storyId=6743689 |title=P.J. O'Rourke Takes On 'The Wealth of Nations' |last=O'Rourke |first=P. J. |authorlink=P. J. O'Rourke |date=2007-01-08 |work= |publisher=] |accessdate=2008-06-10 }}</ref> It was in this work that Smith first referred to the "invisible hand" to describe the apparent benefits to society of people behaving in their own interests.<ref name=minowitz>{{cite journal|last=Minowitz |first=Peter |title=Adam Smith's Invisible Hands |month=December |year=2004 |url=http://www.econjournalwatch.org/pdf/MinowitzComment1December2004.pdf | journal=Econ Journal Watch | |||
| |volume=1 |issue=3 |pages=381–412}}</ref> | |||
| In ''The Theory of Moral Sentiments'', Smith critically examined the moral thinking of the time and suggested that conscience arises from social relationships.<ref>{{cite web |url=http://www.liberalhistory.org.uk/item_single.php?item_id=37&item=biography |title=Biography of Smith |accessdate=2008-05-14 |publisher=] |year=1997 |author=Falkner, Robert}}</ref> His aim in the work is to explain the source of mankind's ability to form moral judgements, in spite of man's natural inclinations toward self-interest. Smith proposes a theory of sympathy in which the act of observing others makes people aware of themselves and the morality of their own behavior. Haakonssen writes that in Smith's theory, "Society is ... the mirror in which one catches sight of oneself, morally speaking."<ref>{{harvnb|Smith|2002|p=xv}}</ref> | |||
| In part because ''Theory of Moral Sentiments'' emphasizes sympathy for others while ''Wealth of Nations'' famously emphasizes the role of self interest, some scholars have perceived a conflict between these works. As one economic historian observed: "Many writers, including the present author at an early stage of his study of Smith, have found these two works in some measure basically inconsistent."<ref>{{harvnb|Viner|1991|p=250}}</ref> But in recent years most scholars of Smith's work have argued that no contradiction exists. In ''Theory of Moral Sentiments'', Smith develops a theory of psychology in which individuals seek the approval of the "impartial spectator" as a result of a natural desire to have outside observers sympathize with them. Rather than viewing the ''Wealth of Nations'' and ''Theory of Moral Sentiments'' as presenting incompatible views of human nature, most Smith scholars regard the works as emphasizing different aspects of human nature that vary depending on the situation. The ''Wealth of Nations'' draws on situations where man's morality is likely to play a smaller role—such as the laborer involved in pin-making—whereas the ''Theory of Moral Sentiments'' focuses on situations where man's morality is likely to play a dominant role among more personal exchanges. | |||
| ===''The Wealth of Nations''=== | |||
| {{Main|The Wealth of Nations}} | |||
| ] | |||
| ''The Wealth of Nations'' expounds 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 "]".<ref name=minowitz /> Smith opposed any form of economic concentration because it distorts the market's natural ability to establish a price that provides a fair return on land, labor, and capital. He advanced the idea that a market economy would produce a satisfactory outcome for both buyers and sellers, and would optimally allocate society's resources.<ref>{{cite web |accessdate=2010-01-31 |url=http://www.pcdf.org/corprule/betrayal.htm |title=The Betrayal of Adam Smith |publisher=The People-Centered Development Forum }}</ref> 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". Smith believed that when an individual pursues his self-interest, he indirectly promotes the good of society: "by pursuing his own interest, frequently promotes that of the society more effectually than when he intends to promote it."<ref>{{harvnb|Smith|1977|loc=bk. IV, ch. 2}}</ref> Self-interested competition in the free market, he argued, 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. Nevertheless, he was wary of businessmen and argued against the formation of ]. | |||
| ] | |||
| An often-quoted passage from ''The Wealth of Nations'' is: "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 self-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."<ref>{{harvnb|Smith|1977|p=18}}</ref> Value theory was important in classical theory. Smith wrote that the "real price of every thing ... is the toil and trouble of acquiring it" as influenced by its scarcity. Smith maintained that, with rent and profit, other costs besides wages also enter the price of a commodity.<ref>{{harvnb|Smith|1977|loc=bk. 1, ch. 5–6}}</ref> Other classical economists presented variations on Smith, termed the ']'. Classical economics focused on the tendency of markets to move to long-run equilibrium. | |||
| Smith's advocacy of self-interest based economic exchange did not, however, preclude for him issues of fairness and justice. In Asia, Europeans "by different arts of oppression..have reduced the population of several of the Moluccas,"<ref>{{harvnb|Smith|1977|loc=bk. IV, ch. 7}}</ref> he wrote, while "the savage injustice of the Europeans" arriving in America, "rendered an event, which ought to have been beneficial to all, ruinous and destructive to several of those unfortunate countries."<ref>{{harvnb|Smith|1977|loc=bk. IV, ch. 1}}</ref> The Native Americans, "far from having ever injured the people of Europe, had received the first adventurers with every mark of kindness and hospitality." However, "superiority of force" was "so great on the side of the Europeans, that they were enabled to commit with impunity every sort of injustice in those remote countries."<ref>{{harvnb|Smith|1977|loc=bk. IV, ch. 7}}</ref> | |||
| Smith also believed that a division of labour would effect a great increase in production. One example he used was the making of pins. One worker could probably make only twenty pins per day. However, 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's views on division of labour are not unambiguously positive, and are typically mis-characterized.<ref>{{harvnb|Smith|1977|loc=bk. V, ch. 1}}</ref> On labor relations, Smith noted "severity" of laws against worker actions, and contrasted the masters' "clamour" against workers associations, with associations and collusions of the masters which "are never heard by the people" though such actions are "always" and "everywhere" taking place.<ref>{{harvnb|Smith|1977|loc=bk. I, ch. 8}}</ref> | |||
| ===Other works=== | |||
| ]|alt=A burial]] | |||
| 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'', a history of ] down to Smith's own era, plus some thoughts on ] and ], probably contain parts of what would have been the latter treatise. '']'' were notes taken from Smith's early lectures, plus an early draft of ''The Wealth of Nations'', published as part of the 1976 Glasgow Edition of the works and correspondence of Smith. Other works, including some published posthumously, include ''Lectures on Justice, Police, Revenue, and Arms'' (1763) (first published in 1896); ''A Treatise on Public Opulence'' (1764) (first published in 1937); and ''Essays on Philosophical Subjects'' (1795). | |||
| ==Legacy== | |||
| ] | |||
| ''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. In this and other works, Smith expounded how rational self-interest and competition can lead to economic prosperity and well-being. It also provided one of the best-known intellectual rationales for free trade and ], greatly influencing the writings of later economists. Smith is often cited as the ].<ref>{{cite book |author=Pressman, Steven |title=Fifty Major Economists |year=1999 |publisher=] |isbn=0415134811 |page=20}}</ref> Smith was controversial in his own day and his general approach and writing style was often satirized by Tory writers in the moralizing tradition of Hogarth and Swift, as suggests. | |||
| ] attributes to Smith the central proposition of ] economic theory, namely that an individual will invest a resource, for example, land or labour, so as to earn the highest possible return on it. Consequently, all uses of the resource should yield a risk-adjusted equal rate of return; otherwise resource reallocation would result. | |||
| On the other hand, ] dismissed Smith's contributions as unoriginal, saying "His very limitation made for success. Had he been more brilliant, he would not have been taken so seriously. Had he dug more deeply, had he unearthed more recondite truth, had he used more difficult and ingenious methods, he would not have been understood. But he had no such ambitions; in fact he disliked whatever went beyond plain common sense. He never moved above the heads of even the dullest readers. He led them on gently, encouraging them by trivialities and homely observations, making them feel comfortable all along.” (Schumpeter History of Economic Analysis. New York: Oxford University Press, p 185) | |||
| Classical economists presented variations on Smith, termed the ']', later Marxian economics descends from classical economics also using Smith's labour theories in part. The first volume of ]'s major work, ''Capital'', was published in German in 1867. In it, Marx focused on the labour theory of value and what he considered to be the exploitation of labour by capital.<ref name="Roemer">] (1987). "Marxian Value Analysis". '']'', v. 3, 383.</ref><ref>] (1987). "Marx, Karl Heinrich", ''The New Palgrave: A Dictionary of Economicsv. 3, pp. 372, 376.</ref> The labour theory of value held that the value of a thing was determined by the labor that went into its production. This contrasts with the modern understanding of ], that the value of a thing is determined by what one is willing to give up to obtain the thing. Smith is often cited not only as the conceptual builder of free markets in capitalism but also as a main contributor to communist theory, via his influence on Marx. | |||
| ] | |||
| A body of theory later termed "neoclassical economics" or "]" formed from about 1870 to 1910. The term "economics" was popularized by such neoclassical economists as ] as a concise synonym for "economic science" and a substitute for the earlier, broader term ']' used by Smith.<ref>{{cite book |author=Marshall, Alfred; Marshall, Mary Paley |date=1879 |url=http://books.google.com/books?hl=en&lr=&id=NLcJAAAAIAAJ&pg=PA1#PPA2,M1 |title=The Economics of Industry |page=2 }}</ref><ref>{{cite book |author=Jevons, W. Stanley |date=1879 |edition=2nd |url=http://books.google.com/books?id=aYcBAAAAQAAJ&pg=PR3#PPR3,M1 |title=The Theory of Political Economy |page=xiv }}</ref> This corresponded to the influence on the subject of mathematical methods used in the ]s.<ref name="Clark">Clark, B. (1998). ''Political-economy: A comparative approach'', 2nd ed., Westport, CT: Preagerp. p. 32..</ref> Neoclassical economics systematized ] as joint determinants of price and quantity in market equilibrium, affecting both the allocation of output and the distribution of income. It dispensed with the ] of which Smith was most famously identified with in classical economics, in favour of a ] theory of value on the demand side and a more general theory of costs on the supply side.<ref>Campos, Antonietta (1987). "Marginalist Economics", ''The New Palgrave: A Dictionary of Economics'', v. 3, p. 320</ref> | |||
| The bicentennial anniversary of the publication of ''The Wealth of Nations'' was celebrated in 1976, resulting in increased interest for ''The Theory of Moral Sentiments'' and his other works throughout academia. After 1976, 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 '']'' or "economic man" was also more often represented as a moral person. Additionally, his opposition to slavery, colonialism, and empire was emphasised, as were his statements about high wages for the poor, and his views that a common street porter was not intellectually inferior to a philosopher.<ref>{{harvnb|Smith|1977|loc=§Book I, Chapter 2}}</ref> | |||
| ]20 note was issued by the ] and features Smith.|alt=A bank note depicting a man's head facing to the right]] | |||
| ===Portraits, monuments and banknotes=== | |||
| <!-- ], Glasgow]] --> | |||
| Smith has been commemorated in the UK on banknotes printed by two different banks; his portrait has appeared since 1981 on the ]50 notes issued by the ] in Scotland,<ref name="clydesdale">{{cite web|url=http://aes.iupui.edu/rwise/banknotes/scotland/ScotlandP209-50Pounds-1981-donatedowl_f.jpg|title=Clydesdale 50 Pounds, 1981|publisher=Ron Wise's Banknoteworld|accessdate=2008-10-15}}</ref><ref name="scotbanks">{{cite web|url=http://www.scotbanks.org.uk/banknotes_current_clydesdale_bank.php|title=Current Banknotes : Clydesdale Bank|publisher=The Committee of Scottish Clearing Bankers|accessdate=2008-10-15}}</ref> and in March 2007 Smith's image also appeared on the new series of £20 notes issued by the ], making him the first Scotsman to feature on an ].<ref name="bbc1">{{cite news |url=http://news.bbc.co.uk/1/hi/business/6096938.stm |title=Smith replaces Elgar on £20 note |accessdate=2008-05-14 |publisher=BBC |year=2006 | date=2006-10-29}}</ref> | |||
| A large-scale memorial of Smith was unveiled on 4 July 2008 in Edinburgh. It is a {{convert|10|ft}}-tall bronze sculpture and it stands above the ] outside ] in Parliament Square, near the ].<ref>{{cite news |title=Adam Smith sculpture to tower over Royal Mile |date=2007-09-26 |work=] |author=Blackley, Michael}}</ref> 20th century sculptor ] (best known for creating the '']'' sculpture at the United States ]) has created multiple pieces which feature Smith's work. At ] is ''Circulating Capital'', a tall cylinder which features an extract from ''The Wealth of Nations'' on the lower half, and on the upper half, some of the same text but represented in ].<ref>{{cite news |title=CCSU welcomes a new kid on the block |date=2001-03-13 |author=Fillo, Maryellen |work=]}}</ref> At the ], outside the Belk College of Business Administration, is ''Adam Smith's Spinning Top''.<ref>{{cite news |title=Piece at UNCC is a puzzle for Charlotte, artist says |date=1997-05-20 |author=Kelley, Pam |work=]}}</ref><ref>{{cite news |title=Artist sheds new light on sculpture |date=1997-06-01 |author=Shaw-Eagle, Joanna |work=]}}</ref> Another Smith sculpture is at ].<ref>{{cite web|url=http://www.sculpturecenter.org/oosi/sculpture.asp?SID=1055|archiveurl=http://web.archive.org/web/20050205065104/http://www.sculpturecenter.org/oosi/sculpture.asp?SID=1055|archivedate=2005-02-05 |title=Adam Smith's Spinning Top |publisher=Ohio Outdoor Sculpture Inventory |accessdate=2008-05-24}}</ref> | |||
| ===As a symbol of free market economics=== | |||
| ] at ]|alt=A sculpture of an upside down cone]] | |||
| Smith has been celebrated by advocates of free market policies as the founder of free market economics, a view reflected in the naming of bodies such as the ], Adam Smith Society<ref name="urlThe Adam Smith Society">{{cite web |url=http://www.adamsmith.it/presentazione.html |archiveurl=http://web.archive.org/web/20070721032612/http://www.adamsmith.it/presentazione.html |archivedate=2007-07-21 |title=The Adam Smith Society |accessdate=2008-05-24 |publisher=The Adam Smith Society}}</ref> and the Australian Adam Smith Club,<ref name="urlThe Australian Adam Smith Club">{{cite web |url=http://www.adamsmithclub.org/ |title=The Australian Adam Smith Club |accessdate=2008-10-12 |publisher=Adam Smith Club}}</ref> and in terms such as the Adam Smith necktie.<ref>{{cite web|url=http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3748|title=Interview with Milton Friedman|last=Levy|first=David|date=June 1992|publisher=Federal Reserve Bank of Minneapolis|accessdate=2008-09-01}}</ref> | |||
| ] argues that, while Smith did not coin the term '']'', "it was left to Adam Smith to identify the more-general set of principles that brought conceptual clarity to the seeming chaos of market transactions". Greenspan continues that ''The Wealth of Nations'' was "one of the great achievements in human intellectual history".<ref name="urlFRB: Speech, Greenspan—Adam Smith—6 February 2005">{{cite web |url=http://www.federalreserve.gov/boarddocs/speeches/2005/20050206/default.htm |title=FRB: Speech, Greenspan—Adam Smith—6 February 2005 |work= |accessdate=2008-05-31}}</ref> ] describes Smith as the "founder of free market economics".<ref name="urlAdam Smith: Web Junkie - Forbes.com">{{cite web |url=http://www.forbes.com/free_forbes/2007/0507/086.html |title=Adam Smith: Web Junkie - Forbes.com |work= |accessdate=2008-06-10}}</ref> | |||
| However, other writers have argued that Smith's support for ''laissez-faire'' (which in French means leave alone) has been overstated. ] wrote that the people who "wear an Adam Smith necktie" do it to "make a statement of their devotion to the idea of free markets and ]", and that this misrepresents Smith's ideas. Stein writes that Smith "was not pure or doctrinaire about this idea. He viewed government intervention in the market with great skepticism ... 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. He did not wear the Adam Smith necktie." In Stein's reading, ''The Wealth of Nations'' could justify the ], the ], mandatory employer health benefits, ], and "]".<ref>{{cite journal |author=Stein, Herbert |date=1994-04-06 |title=Board of Contributors: Remembering Adam Smith |journal=] |page=A14}}</ref> | |||
| Similarly, Vivienne Brown stated in '']'' that in the 20th century United States, ] supporters, '']'', and other similar sources have spread among the general public a partial and misleading vision of Smith, portraying him as an "extreme dogmatic defender of '']'' capitalism and ]".<ref name="Brown93">{{cite journal |author=Brown, Vivienne |month=January |year=1993 |journal=] |volume=103 |issue=416 |pages=230–232 |doi=10.2307/2234351 |title=Untitled review of 'Capitalism as a Moral System: Adam Smith's Critique of the Free Market Economy' and 'Adam Smith and his Legacy for Modern Capitalism' |last2=Pack |first2=Spencer J. |last3=Werhane |first3=Patricia H.}}</ref> In fact, ''The Wealth of Nations'' includes the following statement on the payment of taxes: "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."<ref>{{harvnb|Smith|1977|loc=bk. V, ch. 2}}</ref> | |||
| Smith even specifically named taxes that he thought should be required by the state among them luxury goods taxes and tax on rent. He believed that tax laws should be as transparent as possible and that each individual should pay a "certain amount, and not arbitrary," in addition to paying this tax at the time "most likely to be convenient for the contributor to pay it".<ref>{{harvnb|Smith|1977|loc=bk. V, ch. 2}}</ref> | Smith even specifically named taxes that he thought should be required by the state among them luxury goods taxes and tax on rent. He believed that tax laws should be as transparent as possible and that each individual should pay a "certain amount, and not arbitrary," in addition to paying this tax at the time "most likely to be convenient for the contributor to pay it".<ref>{{harvnb|Smith|1977|loc=bk. V, ch. 2}}</ref> | ||
| Additionally, Smith outlined the proper expenses of the government in ''Wealth of Nations, Book V, Ch. I''. Included in his requirements of a government were to enforce contracts and provide justice system, grant patents and copy writes, provide public goods such as infrastructure, provide national defense and regulate banking. It was the role of the government to provide goods "of such a nature that the profit could never repay the expense to any individual" such as roads, bridges, canals, and harbours. He also encouraged invention and new ideas through his patent enforcement and support of infant industry monopolies. he supported public education and religious institutions as providing general benefit to the society. Finally he outlined how the government should support the dignity of the monarch or chief magistrate, such that they are equal or above the public in fashion. He even states that monarchs should be provided for in a greater fashion than magistrates of a republic because "we naturally expect more splendor in the court of a king than in the mansion-house of a doge."<ref>{{harvnb|Smith|1977|loc=bk. V}}</ref> In addition, he was in favor of retaliatory tariffs and believed that they would eventually bring down the price of goods. He even stated in Wealth of Nations, "The recovery of a great foreign market will generally more than compensate the transitory inconvenience of paying dearer during a short time for some sorts of goods."<ref>{{harvnb|Smith|1977|loc=bk. IV, ch. 2}}</ref> | |||
| ] has argued<ref group=N>See chapters 2, 5, 6, and 10 of his ''Understanding Power'', New Press (February 2002), along with his ''Year 501: The Conquest Continues'', primarily chapter 1, South End Press, 1993.</ref> that several aspects of Smith's thought have been misrepresented and falsified by contemporary ideology, including Smith’s reasons for supporting markets and Smith’s views on corporations. Chomsky argues that Smith supported markets in the belief that they would lead to equality, and that Smith opposed wage labor and corporations.<ref>{{harvnb|Chomsky|2002|loc=ch. 6}}</ref> ]s such as ] regard Smith as a strong advocate of free markets and limited government (what Smith called "natural liberty") but not as a dogmatic supporter of ''laissez-faire''.<ref name="Viner 1927">{{cite journal|author=Viner, Jacob|month=April |year=1927|journal=]|volume=35|issue=2|pages=198–232|doi=10.2307/2234351|title=Adam Smith and Laissez-faire|last2=Pack|first2=Spencer J.|last3=Werhane|first3=Patricia H.}}</ref> | |||
| Economist ] believes using the term "free market economics" or "free market economist" to identify the ideas of Smith is too general and slightly misleading. Klein offers six characteristics central to the identity of Smith's economic thought and argues that a new name is needed to give a more accurate depiction of the "Smithian" identity.<ref>Klein, Daniel B. 2008. Toward a Public and Professional Identity for Our Economics. ''Econ Journal Watch'' 5(3): 358-372. </ref><ref>Klein, Daniel B. 2009. Desperately Seeking Smithians: Responses to | |||
| the Questionnaire about Building an Identity. ''Econ Journal Watch'' 6(1): 113-180. </ref> Economist ] set straight some of the misunderstandings about Smith’s thoughts on free market. Most people still fall victim to the thinking that Smith was a free market economist without exception, though he was not. Ricardo pointed out that Smith was in support of helping infant industries. Smith believed that the government should subsidise newly formed industry, but he did fear that when the infant industry grew into adulthood it would be unwilling to surrender the government help.<ref name="New Ideas From Dead Economists">{{cite Book|author=Buchholz, Todd|month=December |year=1990|pages=38–39}}</ref> Smith also supported tariffs on imported goods to counteract an internal tax on the same good. Smith also fell to pressure in supporting some tariffs in support for national defense.<ref name="New Ideas From Dead Economists" /> | |||
| ==Footnotes== | |||
| {{reflist|group=N|colwidth=30em}} | |||
| ==Notes== | |||
| {{reflist|colwidth=30em}} | |||
| ==References== | |||
| {{refbegin}} | |||
| * {{Cite book|title=A Catalogue of the Library of Adam Smith|first=James|last=Bonar|publisher=Macmillan|location=London|year=1895|oclc=2320634|url=http://books.google.com/books?id=pUmfjlAfM3kC|ref=harv}} | |||
| * {{Cite book|title=The Authentic Adam Smith: His Life and Ideas|first=James|last=Buchan|publisher=W. W. Norton & Company|year=2006|isbn=0393061213|ref=harv}} | |||
| * {{Cite book|title=New ideas from Dead Economists: An introduction to modern economic thought|first=Todd|last=Buchholz|publisher=Penguin Books|year=1999|isbn=0140283137|ref=harv}} | |||
| * {{Cite book|last=Bussing-Burks|first=Marie|title=Influential Economists|publisher=The Oliver Press|location=Minneapolis|year=2003|isbn=1-881508-72-2|ref=harv}} | |||
| * {{Cite book|title=Adam Smith|last=Campbell|first=R. H.|coauthors=Skinner, Andrew S.|publisher=Routledge|year=1985|isbn=0709934734}} | |||
| * {{cite book |title=Understanding power: the indispensable Chomsky |first=Noam |last=Chomsky |year=2002 |publisher=Scribe Publications |isbn=9780908011728 }} | |||
| * {{Cite journal |last=Coase|first=R.H.|authorlink=Ronald Coase|journal=] |volume=19 |issue=3 |title=Adam Smith's View of Man |month=October |year=1976 |pages=529–546 |doi=10.1086/466886 |ref=harv}} | |||
| * {{Cite book |authorlink=John Rae (biographer)|first=John|last=Rae |title=Life of Adam Smith |publisher=Macmillan Publishers |year=1895 |location=New York City|url=http://books.google.com/books?id=V80JAAAAIAAJ&printsec=frontcover&dq=Adam+Smith+-inauthor:%22Adam+Smith%22&ei=lCArSNj3K4uujgGNgtnCDQ#PPA4,M1 |isbn=0722226586 |ref=harv}} | |||
| * {{Cite book|title=The Life of Adam Smith|first=Ian Simpson|last=Ross|publisher=Oxford University Press|year=1995|date=1995-12-14|isbn=0198288212|ref=harv}} | |||
| * {{Cite book|first=Mark|last=Skousen|authorlink=Mark Skousen|title=The Making of Modern Economics: The Lives and Ideas of Great Thinkers|publisher=M.E. Sharpe|year=2001|url=http://books.google.com/books?id=nsnl3hHPuowC |isbn=0765604809 |ref=harv}} | |||
| * {{Cite book|title=An Inquiry into the Nature and Causes of the Wealth of Nations|first=Adam|last=Smith|publisher=University Of Chicago Press|origyear=1776|year=1977|isbn=0226763749|ref=harv}} | |||
| * {{Cite book|title=The Theory of Moral Sentiments, ed. D.D. Raphael and A.L. Macfie, vol. I of the Glasgow Edition of the Works and Correspondence of Adam Smith|first=Adam|last=Smith|publisher=Liberty Fund|origyear=1759|year=1982|url=http://oll.libertyfund.org/index.php?option=com_staticxt&staticfile=show.php%3Ftitle=192&Itemid=27|isbn=0865970122}} | |||
| * {{Cite book|last=Smith|first=Adam|title=The Theory of Moral Sentiments|editor=Knud Haakonssen|publisher=Cambridge University Press|origyear=1759|year=2002|isbn=0521598478|url=http://www.cambridge.org/catalogue/catalogue.asp?isbn=0521598478|ref=harv}} | |||
| * {{cite journal |title=The Two Faces of Adam Smith |first=Vernon L. |last=Smith |journal=Southern Economic Journal |pages=2–19 | volume=65 |issue=1 |month=July |year=1998}} | |||
| * {{Cite book |title=A Critical Bibliography of Adam Smith |last=Tribe |first=Keith |coauthors=Mizuta, Hiroshi |publisher=Pickering & Chatto |year=2002 |format=Hardcover |isbn=9781851967414}} | |||
| * {{cite book |title=Essays on the Intellectual History of Economics |editor=Douglas A. Irvin |first=Jacob |last=Viner |publisher=Princeton University Press |location=Princeton, New Jersey |isbn=0691042667 |year=1991 |ref=harv}} | |||
| {{A Short Biographical Dictionary of English Literature|Smith, Adam}} | |||
| {{refend}} | |||
| ==Further reading== | |||
| {{refbegin}} | |||
| * {{cite book|title=Adam Smith - A Primer|author=Butler, Eamonn|publisher=]|month=March |year=2007|isbn=0255366086|url=http://www.iea.org.uk/record.jsp?type=book&ID=414}} | |||
| * {{cite book|title=Adam Smith's Wealth of Nations: New Interdisciplinary Essays|author=Copley, Stephen|publisher=]|month=March |year=1995|isbn=0719039436|url=http://www.amazon.com/Adam-Smiths-Wealth-Nations-Interdisciplinary/dp/0719039436}} | |||
| * {{cite book|title=Adam Smith and the Wealth of Nations: 1776–1976|author=Glahe, F.|publisher=]|month=June |year=1977|isbn=0870810820|url=http://www.amazon.com/Adam-Smith-Wealth-Nations-1776-1976/dp/0870810820}} | |||
| * {{cite book|title=The Cambridge Companion to Adam Smith|author=Haakonssen, Knud|publisher=]|date=2006-03-06|isbn=0521779243|url=http://www.amazon.com/Cambridge-Companion-Smith-Companions-Philosophy/dp/0521779243}} | |||
| * {{cite book|title=Economics of Adam Smith|author=]|publisher=]|month=June |year=1973|isbn=0802063020|url=http://www.amazon.com/Economics-Adam-Smith-Samuel-Hollander/dp/0802063020}} | |||
| * {{cite book|title=Adam Smith, Radical and Egalitarian: An Interpretation for the 21st Century|author=Iain McLean|publisher=]|date=2006|isbn=0748623523|url=http://www.amazon.co.uk/Adam-Smith-Radical-Egalitarian-Interpretation/dp/0748623523/}} | |||
| * {{cite book|title=Adam Smith in His Time and Ours|author=Muller, Jerry Z.|publisher=]|date=1995-07-03|isbn=0691001618|url=http://www.amazon.com/Adam-Smith-His-Time-Ours/dp/0691001618}} | |||
| * {{cite book|title=On The Wealth of Nations|author=O'Rourke, P. J.|publisher=]|date=2006-12-04|isbn=0871139499|url=http://www.amazon.com/Wealth-Nations-Books-Changed-World/dp/0871139499}} | |||
| {{refend}} | |||
| ==External links== | |||
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| <!-- Metadata: see ] --> | |||
| {{Persondata | |||
| |NAME=Smith, Adam | |||
| |ALTERNATIVE NAMES= | |||
| |SHORT DESCRIPTION=Scottish philosopher and economist | |||
| |DATE OF BIRTH={{birth date|1723|6|5|mf=y}} ] (16 June ]) | |||
| |PLACE OF BIRTH=], ], ] | |||
| |DATE OF DEATH={{death date|1790|7|17|mf=y}} | |||
| |PLACE OF DEATH=], ] | |||
| }} | |||
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Revision as of 09:07, 3 February 2010
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Biography
Early life
Smith was born to Margaret Douglas at Kirkcaldy, Fife, Scotland. His father, also named Adam Smith, was a lawyer, civil servant, and widower who married Margaret Douglas in 1720 and died six months before Smith was born. Although the exact date of Smith's birth is unknown, his baptism was recorded on 16 June 1723 at Kirkcaldy. Though few events in Smith's early childhood are known, Scottish journalist and Smith's biographer John Rae recorded that the man was abducted by gypsies at the age of four and eventually released when others went to rescue him. Smith was close to his mother, who likely encouraged him to pursue his scholarly ambitions. He attended the Burgh School of Kirkcaldy—characterised by Rae as "one of the best secondary schools of Scotland at that period"—from 1729 to 1737. While there, he studied Latin, mathematics, history, and writing.
Formal education
Smith entered the University of Glasgow when he was fourteen and studied moral philosophy under Francis Hutcheson. Here he developed his passion for liberty, reason, and free speech. In 1740, Smith was awarded the Snell exhibition and left the University of Glasgow to attend Balliol College, Oxford.
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 him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith returned home and spent the next ten years writing The Wealth of Nations. He published the book in 1776, before his death several years later in 1790 In 1751, Smith earned a professorship at Glasgow University teaching logic courses. When the Chair of Moral Philosophy died the next year, Smith took over the position. He would continue academic production for the next thirteen years, which he characterized as "by far the most useful and therefore by far the happiest and most honourable period ". His lectures covered the fields of ethics, rhetoric, jurisprudence, political economy, and "police and revenue".
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. He bases his explanation not on a special "moral sense", as the third Lord Shaftesbury and Hutcheson had done, nor on utility as Hume did, but on sympathy. Smith's popularity greatly increased due to the The Theory of Moral Sentiments, and as a result, many wealthy students left their schools in other countries to enroll at Glasgow to learn under Smith.
After the publication of The Theory of Moral Sentiments, Smith began to give more attention to jurisprudence and economics in his lectures and less to his theories of morals. The development of his ideas on political economy can be observed from the lecture notes taken down by a student in 1763, and from what William Robert Scott described as an early version of part of The Wealth of Nations. For example, Smith lectured that labor—rather than the nation's quantity of gold or silver—is the cause of increase in national wealth.
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, Henry Scott, the young Duke of Buccleuch. Smith subsequently resigned from his professorship to take the tutoring position. Because he resigned in the middle of the term, Smith attempted to return the fees he had collected from his students, but they refused.
Smith also believed that a division of labour would effect a great increase in production. One example he used was the making of pins. One worker could probably make only twenty pins per day. However, 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's views on division of labour are not unambiguously positive, and are typically mis-characterized. On labor relations, Smith noted "severity" of laws against worker actions, and contrasted the masters' "clamour" against workers associations, with associations and collusions of the masters which "are never heard by the people" though such actions are "always" and "everywhere" taking place.Cite error: A <ref> tag is missing the closing </ref> (see the help page).
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