Adam Smith

Adam Smith

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Credit: GEORGE BERNARD/SCIENCE PHOTO LIBRARY

Caption: Adam Smith. Historical portrait of the Scottish economist and philosopher Adam Smith (baptized 1723, died 1790). Educated at Glasgow and Oxford universities, UK, Smith became professor of logic (1751) and then of moral philosophy (1752) at Glasgow. He expounded his economic philosophy in the highly influential The Wealth of the Nations (1776). Set against a background of colonialism, it discussed the consequences of economic freedom. It essentially promoted a free trade market, proposing that economic self-interest supports the social good by improving the economy. His work established economics as an autonomous subject. His other works include texts on moral philosophy.

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