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
With 'An Inquiry into the Nature and Causes of the Wealth of Nations' (1776), Adam Smith dismantled mercantilist orthodoxy and founded modern economics. The quiet, often absent-minded Scottish professor argued that individuals pursuing self-interest in free markets generate collective wealth through specialization and trade — an 'invisible hand' guiding prosperity. A central figure of the Scottish Enlightenment, Smith moved among thinkers like David Hume. His first major work, 'The Theory of Moral Sentiments' (1759), traced human empathy to an innate desire for mutual approval, positing that social harmony springs from this impulse. Smith was no pure ideologue; he acknowledged government's necessary roles in defense, justice, and public works. His systematic analysis transformed political economy from a branch of moral philosophy into a distinct field of study. The vocabulary and concepts he introduced — division of labor, free trade, market mechanisms — remain central to economic debate today. Smith died in 1790, his ideas shaping generations of policymakers and scholars.
#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.”
