Adam Smith

Angel Antov
Yoan Avramov
Konstantin Venkov
 Why is he important
• Smith was a hugely influential Scottish
political economist and philosopher, best
known for his book ‘The Wealth of
Nations’.
 Biography • He studied at Glasgow and Oxford Universities.
• Gave a series of public lectures in Edinburgh,
which established his reputation.
• Was appointed professor of logic at Glasgow
University and a year later professor of moral
philosophy.
• In 1776, Smith moved to London. He published
a volume which he intended to be the first part
of a complete theory of society, covering
theology, ethics, politics and law. This volume,
'Inquiry into the Nature and Causes of the Wealth
(5 June 1723 - 17 July 1790) of Nations', was the first major work of political
economy.
• In 1778, Smith was appointed commissioner of
customs in Edinburgh. In 1783, he became a
founding member of the Royal Society of
Edinburgh
 Main beliefs

• Smith’s ideas are a reflection on economics in light of the beginning of

the Industrial Revolution, and he states that free-market economies are
the most productive and beneficial to their societies. He goes on to
argue for an economic system based on individual self-interest led by
an “invisible hand,” which would achieve the greatest good for all.
• 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.
 Nature and Causes of the
Wealth Of Nations
• published in 1776. Its full title was Inquiry into the Nature and
Causes of the Wealth of Nations. In it he analysed the
relationship between work and the production of a nation's
wealth. His conclusion was that the best economic situation
results from encouraging free enterprise (= an economic
system in which there is open competition in business and
trade, and no government control). This idea has had a great
influence on economic theories since and it formed the basis of
the economic policies of the Conservative government in
Britain in the 1980s.
 Sources
• http://www.let.rug.nl/usa/biographies/adam-smith/
• https://www.biography.com/people/adam-smith-9486480
• https://www.adamsmith.org/about-adam-smith