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Essay on Economic Theories of Adam Smith
Adam Smith, FRS (Baptised June 5, 1723 – July 17, 1790) was a Scottish political economist and moral philosopher. His Inquiry into the Nature and Causes of the Wealth of Nations was one of the earliest attempts to study the historical development of industry and commerce in Europe. That work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for free trade and capitalism.
Adam Smith was born in Kirkcaldy, Fife, Scotland. The exact date of his birth is unknown, however, he was baptized on June 5, 1723. Smith was the Scottish political economist and philosopher, who became famous for his influential book "The Wealth of Nations" written in 1776.
Smith began lecturing at a time when the study of rhetoric was turning increasingly, especially in Scotland, to the study of taste. Hugh Blair opens the Lectures on Rhetoric and Belles Letters which he first delivered in 1759 by summing up their twofold aim that was whatever enables genius to execute well, will enable taste to criticize justly. Smith was a natural teacher of literature. One of his students, William Richardson, in a life of Archibald Arthur who later occupied the Glasgow Chair of Moral Philosophy (and who had himself studied under Smith), said that those who received instruction from Dr. Smith, will recollect, with much satisfaction, many of these incidental and digressive illustrations, and even discussions, not only in morality, but in criticism, which were delivered by him with animated and extemporaneous eloquence, as they were suggested in the course of question and answer.
At the age of about fifteen, Smith proceeded to Glasgow university, studying moral philosophy under "the never-to-be-forgotten" Francis Hutcheson (as Smith called him). In 1740 he entered Balliol college, Oxford, but as William Robert Scott....................
