His system hinges on the operation of sympathy, arising from an intellectual or moral appreciation of the situation of one who is aroused, and provoking a fellow-feeling or analogous sensation in the attentive spectator. It recurs in The Theory of Moral Sentiments at iv.
In The Wealth of Nations the emphasis is less on equal distribution and more on the promotion of the common good that arises from the pursuit of self-interest see also Mandeville. His general optimism about the economic results of free markets has given his name a lustre in libertarian political circles that he might not have entirely welcomed, given his low opinion of the motives that lead to economic activity see vanity. In fact, in Pt.
Subjects: Social sciences. View all reference entries ». View all related items in Oxford Reference ». Search for: 'Adam Smith' in Oxford Reference ». All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single entry from a reference work in OR for personal use for details see Privacy Policy and Legal Notice. Oxford Reference. Smith entered the University of Glasgow when he was 14 and in went to Oxford. After toiling for nine years, in , Smith published An Inquiry into the Nature and Causes of the Wealth of Nations usually shortened to The Wealth of Nations , which is thought of as the first work dedicated to the study of political economy.
He also explored theories of the division of labor, an idea dating back to Plato , through which specialization would lead to a qualitative increase in productivity. In time, The Wealth of Nations won Smith a far-reaching reputation, and the work, considered a foundational work of classical economics, is one of the most influential books ever written.
In , Smith began giving a series of public lectures at the University of Edinburgh. Through these lectures, in he met and became lifelong friends with Scottish philosopher and economist David Hume. This relationship led to Smith's appointment to the Glasgow University faculty in In , Smith published The Theory of Moral Sentiments , a book whose main contention is that human morality depends on sympathy between the individual and other members of society.
On the heels of the book, he became the tutor of the future Duke of Buccleuch — and traveled with him to France, where Smith met with other eminent thinkers of his day, such as Benjamin Franklin and French economist Turgot. Accessed March 1, University of Groningen. Encyclopedia Brittanica. Foundation for Economics Education. Mark Skousen. Adam Smith on Progress and Happiness. Adam Smith. Bank of England.
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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Economy Economics. Key Takeaways Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is most famous for his book, "The Wealth of Nations. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
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Related Articles. Economics Who Created Economics? Partner Links. Self-interest refers to actions that elicit personal benefit.
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