Adam Smith (1723–1790) was a Scottish philosopher and economist, often referred to as the “father of economics.” Born in Kirkcaldy, Scotland, Smith became one of the leading figures of the Scottish Enlightenment. His most influential work, “The Wealth of Nations” (1776), laid the foundation for classical economics and is considered a seminal text in economic theory. In “The Wealth of Nations,” Smith introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest unintentionally contribute to the overall economic well-being of society. He emphasized the importance of free markets, competition, and the division of labour in fostering economic growth. Smith’s ideas shaped classical economic thought and had a profound impact on subsequent generations of economists.
Apart from his contributions to economics, Smith was also a moral philosopher, and his earlier work, “The Theory of Moral Sentiments” (1759), explored human nature and the principles of morality. Adam Smith’s legacy endures, and his ideas continue to influence economic thought and policy to this day.
