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Adam Smith: Biography

Adam Smith was a prominent Scottish philosopher and economist believed to be born in the early 18th. Smith began his educational career at the University of Glasgow and the University of Oxford, where he studied social philosophy. Afterwards, he went on to give a series of lectures at the University of Glasgow which is where, in 1759, he published his first novel entitled “The Theory of Moral Sentiments”. This novel was focused mainly on his philosophical beliefs as they pertain to humans’ natural morals and how humans decipher them throughout their lives. During his time, however, the novel did not garner very much praise due to the rise of other philosophies during the era such as Kantianism and Utilitarianism, both of which people gravitated towards instead. Smith’s other notable novel; “An Inquiry into the Nature and Causes of the Wealth of Nations” is regarded as the magnum opus of Smith’s career and established much of his presence in philosophical and economical theory. Due to this novel and his other published works, Smith has frequently been referred to as the “Father of Modern Economics” or the “Father of capitalism”. Smith’s philosophical writings also played a crucial role in the Scottish Enlightenment, that started in the late 18th century and continued into the 19th century. Adam Smith’s work was extremely unique because it allowed people to visualize the ever-growing complexity of the economy, and more crucially, the social aspect of it. The beginning of the industrial revolution in Europe led to a growing availability of Goods and Services and made many people question the ethics of this up-and-coming economical system. Smith’s novels showed that each country should benefit through the accumulation of capital and increased productivity. One of Smith’s best-known theories is the theory of the Invisible hand of the market. which he described in The Theory of Moral Sentiments as the public good that arises from participants in a market acting out of their own best self-interest. He described that this added good was a result of “Divine Providence” in the world. Smith did not use this exact phrasing frequently, although references to ideas similar to the invisible hand can be found throughout his writings. This theory was used to justify a laissez-faire economy with as little government intervention as possible, and is why he is often associated with a free-market, capitalist economic policy. Smith’s religious beliefs are never made clear in his writings, although he does mention a all-powerful, God-like being. His father was a devout Christian, although his friend and fellow scholar, David Hume, was seen as an atheist in his time so it is unclear what exactly his religious beliefs were. Another unique aspects of Adam Smith was his views towards moral philosophy. In particular, Smith believed that inside each of us existed a moral guide or “impartial spectator” which, when governed correctly, would lead us to act on the right moral decisions.