Adam Smith, a renowned Scottish philosopher and economist, is widely known for his significant contributions to classical economics and his masterpiece, “The Wealth of Nations.” Born on June 5th in Kirkcaldy, Scotland, he was the son of Adam Smith and Margaret Douglas. At the tender age of 4, he had a harrowing experience of being kidnapped by a group of gypsies, but luckily, his uncle John Rae managed to rescue him. After completing his primary and secondary education at Kirkcaldy’s local school, Smith enrolled at the University of Glasgow in 1737, where he was mentored by Francis Hutcheson, a revered professor of moral philosophy. Hutcheson’s teachings played a vital role in shaping Smith’s ideas, which he later incorporated into “The Wealth of Nations.”
In 1740, Smith graduated from the University of Glasgow and earned a scholarship to study at Balliol College in Oxford, where he immersed himself in his studies for six years. Returning to his mother’s house in 1746, he diligently searched for employment opportunities that would allow him to continue his education. From 1748 to 1751, Smith worked as an assistant professor of rhetoric and literature in Edinburgh under the guidance of Lord Henry Kames, who also provided him with opportunities to speak on the subjects he taught. During that time, he developed a strong friendship with the philosopher David Hume, who significantly influenced Smith’s economic and ethical theories. In 1751, Smith was called upon by the University of Glasgow to serve as a logic professor, and a year later, he transitioned to become a professor of moral philosophy, a position he held for 12 years. In 1759, Smith published his first book titled “Theory of Moral Sentiments,” which quickly established his reputation in academia and literature. Additionally, an essay he wrote called “The First Formation of Languages” was included as an appendix in later editions of “Moral Sentiments.”
In 1763, Charles Townshend offered Smith a life annuity in exchange for tutoring his stepson. Smith accepted the proposal and embarked on a journey through Switzerland and France. During his travels, he encountered the French Physiocrats, who emphasized the importance of natural law, wealth, and order in economics and politics. Smith also had the opportunity to meet influential figures such as Voltaire, Benjamin Franklin, Diderot, D’Alembert, and Necker. However, his trip came to an end in 1766 due to the unfortunate passing of Hew Scott, the Duke’s brother whom Smith was tutoring. Upon returning, Smith spent seven years living with his mother in Kirkcaldy, dedicating himself to writing his magnum opus, “The Wealth of Nations.”
In 1776, Adam Smith finally published his most significant work, “The Wealth of Nations.” This groundbreaking book, which took him more than a decade to complete, earned him the title of the father of political economy. It achieved remarkable success, and during Smith’s lifetime, it went through five editions (1776, 1778, 1784, 1786, and 1789). Additionally, it was translated and published in various languages, including Danish, Italian, German, Russian, and Spanish. One of Smith’s notable quotes from this book speaks to the importance of an equitable society: “No society can prosper and be happy if in it most of the members are poor and unhappy.”
In 1778, Smith assumed the position of Director of Customs in Edinburgh, which he held until 1790. In 1779, he relocated to London, where he resided for five years. During this time, he mourned the loss of his dear friend David Hume, publishing “The Letter to William Strahan” as an obituary. Smith’s exceptional contributions to academia were recognized in 1787 when he was appointed Honorary Rector of the University of Glasgow, a position he held until 1789. Prior to his passing, Smith made the decision to destroy almost all of his unpublished manuscripts, including lectures on natural religion and jurisprudence, as well as his lessons on rhetoric. Adam Smith passed away on July 17, 1790, in Edinburgh, at the age of 67.