Mark Rothko
American painter of Latvian-Jewish descent (1903-1970)
Adam Smith
Scottish moral philosopher and political economist (1723-1790)
Adam Smith, a Scottish economist and philosopher, is considered the “Father of Economics” and a key figure in the Scottish Enlightenment. He wrote two classic works, “The Theory of Moral Sentiments” and “An Inquiry into the Nature and Causes of the Wealth of Nations,” which introduced his ideas on the division of labor, self-interest, and free market theory.
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About the Adam Smith
Adam Smith was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as “The Father of Economics” or “The Father of Capitalism”, he wrote two classic works, The Theory of Moral Sentimentsand An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God’s will and instead appeals to natural, political, social, economic, legal, environmental and technological factors and the interactions among them. Among other economic theories, the work introduced Smith’s idea of absolute advantage.
Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, teaching moral philosophy and during this time, wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day.
As a reaction to the common policy of protecting national markets and merchants through minimizing imports and maximizing exports, what came to be known as mercantilism, Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he developed the concept of division of labour and expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirised by writers such as Horace Walpole.
Frequently Asked Questions
Adam Smith was a Scottish economist and philosopher who is considered a pioneer in the field of political economy and a key figure during the Scottish Enlightenment. He is often referred to as the ‘Father of Economics’ or the ‘Father of Capitalism’.
Adam Smith’s two classic works are ‘The Theory of Moral Sentiments’ (1759) and ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ (1776), often abbreviated as ‘The Wealth of Nations’.
Adam Smith developed the concept of division of labor and expounded upon how rational self-interest and competition can lead to economic prosperity. He also laid the foundations of classical free market economic theory as a reaction to mercantilism.
Adam Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell.
Adam Smith’s ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline.
Adam Smith refused to explain the distribution of wealth and power in terms of God’s will and instead appealed to natural, political, social, economic, legal, environmental, and technological factors and the interactions among them.
Adam Smith’s general approach and writing style were often satirized by writers such as Horace Walpole, as he was controversial in his own day.
30 Quotes by Adam Smith
- 1.
Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 2.
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 3.
Humanity is the virtue of a woman, generosity that of a man.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 4.
Resentment seems to have been given us by nature for a defense, and for a defense only! It is the safeguard of justice and the security of innocence.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 5.
What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 6.
Science is the great antidote to the poison of enthusiasm and superstition.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 7.
Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 8.
Labor was the first price, the original purchase – money that was paid for all things.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 9.
The theory that can absorb the greatest number of facts, and persist in doing so, generation after generation, through all changes of opinion and detail, is the one that must rule all observation.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 10.
Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets the nearer your approach to this certainty.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 11.
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.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 12.
Happiness never lays its finger on its pulse.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 13.
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 14.
The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 15.
On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 16.
All money is a matter of belief.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 17.
No complaint… is more common than that of a scarcity of money.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 18.
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 19.
The real tragedy of the poor is the poverty of their aspirations.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 20.
This is one of those cases in which the imagination is baffled by the facts.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 21.
Defense is superior to opulence.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 22.
Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 23.
It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 24.
Poor David Hume is dying fast, but with more real cheerfulness and good humor and with more real resignation to the necessary course of things, than any whining Christian ever dyed with pretended resignation to the will of God.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 25.
With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 26.
The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 27.
Great ambition, the desire of real superiority, of leading and directing, seems to be altogether peculiar to man, and speech is the great instrument of ambition.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 28.
Labour was the first price, the original purchase – money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 29.
I have never known much good done by those who affected to trade for the public good.
Adam SmithScottish moral philosopher and political economist (1723-1790)
- 30.
To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.
Adam SmithScottish moral philosopher and political economist (1723-1790)