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Adam Smith

Born in Scotland in 1723, Adam Smith is credited as the first ever political economist and is generally considered to be the father of modern economics. He was trained in moral philosophy at the University of Glasgow where – after a few years of continued studies in Oxford, England and time spent lecturing in Edinburgh – he became chair of the department of moral philosophy and where he wrote his groundbreaking and highly acclaimed book An Inquiry into the Nature and Causes of the Wealth of Nations (commonly known as The Wealth of Nations).

The ideas presented in the book were not entirely original in themselves, some in fact were already being practiced to a certain degree by the government policies of the day. The book was, however, a comprehensive and organized presentation of a number of significant theories that ushered in the beginnings of economics as an independent and systematic field, and was one of the first endeavors to understand the growth and impact of European commerce and industry. It was – and remains until today – one of the most relevant and respected advocates of capitalism and free trade, so much so that it was the basis upon which many critics of capitalism (like Marx) penned their dissents.

Web Resources On Adam Smith

Adam Smith Biography
Wikipedia: Adam Smith

Book Resources On Adam Smith

The Life of Adam Smith by Ian Simpson Ross
The Wealth of Nations by Adam Smith

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