Adam Smith
An 18th-century thinker whose analysis of self-interest and markets became the foundational text for modern economic thought.
1723–1790 (age 67)·Scottish economist and philosopher·Birthday: June 16
Biography
Adam Smith was a quiet, often absent-minded Scottish professor whose intellectual curiosity laid the groundwork for how we understand nations' prosperity. A central figure of the Scottish Enlightenment, he moved in circles that included philosopher David Hume. His first major work, 'The Theory of Moral Sentiments,' explored the origins of human empathy, arguing that social harmony springs from our innate desire for mutual approval. But his legacy was cemented with 'An Inquiry into the Nature and Causes of the Wealth of Nations.' Published in 1776, it was a revolutionary tome that challenged the prevailing mercantilist orthodoxy. Smith meticulously described how free markets, driven by individuals pursuing their own gain ('the invisible hand'), could generate collective wealth through specialization and trade. He wasn't a pure ideologue; he acknowledged the need for some government role in defense, justice, and public works. His systematic analysis transformed political economy from a branch of moral philosophy into a distinct field of study, providing the language and concepts that economists and policymakers still debate today.
#1 When Adam Was Born
The biggest hits of 1723
Adam's Life & Times
The world at every milestone
1723Born
1728Started school
1736Became a teenager
1739Could drive
1741Could vote
1744Turned 21
1753Turned 30
1763Turned 40
1773Turned 50
1783Turned 60
1790Died at 67
Key Achievements
- Authored 'The Wealth of Nations' (1776), the seminal text that established economics as a separate academic discipline.
- Introduced the foundational concept of the 'invisible hand' to describe how self-interest can benefit society in a free market.
- Provided a powerful critique of mercantilism, advocating for free trade and the division of labor.
- Wrote 'The Theory of Moral Sentiments' (1759), a profound study of the psychology of ethics and human sympathy.
- Held the prestigious chair of Moral Philosophy at the University of Glasgow for over a decade.
Did You Know?
He was reportedly so prone to daydreaming that he once fell into a tanning pit while walking and conversing.
He spent several years touring Europe as a private tutor to a young Scottish duke, which funded his later life as a writer.
His personal library was extensive, and he bequeathed much of it to close friends, complicating its historical record.
He never married and lived most of his life with his mother.
The exact cause of his death is unclear, but a chronic intestinal condition is often cited.
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”
