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Adam Smith


Where did Adam Smith grow up?

Adam Smith was born in Kirkcaldy, Scotland. There is no record of his birth, but he was baptized on June 16, 1723. His father died shortly after he was born and Adam was raised by his mother, Margaret.

Adam was an intelligent young man. In secondary school he studied writing, philosophy, mathematics, and Latin. At the age of fourteen Adam attended the University of Glasgow. At Glasgow, Adam studied philosophy and was taught by the famous philosopher Francis Hutcheson. After graduating, Adam attended Oxford University in England.

Becoming a Professor

After leaving Oxford, Adam Smith became a professor at the University of Edinburgh. It was at Edinburgh that he met the philosopher David Hume. Hume would become one of his best friends. Over the years, Smith and Hume would discuss economics and philosophy. During this time, Smith began to formulate the ideas that would make him famous.

Author and Tutor

In 1759, Smith published The Theory of Moral Sentiments. He gained some fame for this work and was offered the job of tutor for young Duke Henry Scott. As tutor, Smith began to travel throughout much of Europe. He met many influential people including French economist Francois Quesnay and American diplomat Benjamin Franklin. Smith's theories on the economy continued to develop.

The Wealth of Nations

In 1776, Adam Smith published The Wealth of Nations. This book became the foundation of modern economics. It introduced and explained many economic concepts that are still used today. The most important idea in the book is the idea of the free market economy. This is where he proposes that the most productive economy is one that is allowed to regulate itself without government intervention.

Economic Theories

Adam Smith described a number of new economic ideas in the Wealth of Nations. Here are a few of the most influential: Death and Legacy

Adam Smith died in Edinburgh, Scotland in 1790. Today, he is known as the father of modern economics. The Wealth of Nations is one of the most influential books in history. Most countries throughout the world today operate a mixed economy that combines the free market described by Adam Smith with some government intervention.

Interesting Facts About Adam Smith

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Note: This information is not to be used for individual legal, tax, or investment advice. You should always contact a professional financial or tax advisor before making financial decisions.
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