Adam Smith Lecture Notes

Personal Background

• Born: c. 16 June 1723, Kirkcaldy, Fife, Scotland
• Died: 17 July 1790, Edinburgh, Scotland
• Education:
  • University of Glasgow
  • Balliol College, Oxford
• Occupations: Economist, Philosopher

Major Works

• The Theory of Moral Sentiments (1759): Explores moral philosophy and human sympathy.
• The Wealth of Nations (1776): Foundational text for modern economics; introduces ideas of free market and division of labour.

Philosophical Contributions

• Classical Economics: Pioneer of the field.
• Key Concepts:
  • Free Market
  • Division of Labour
  • Absolute Advantage
  • Invisible Hand

Academic and Professional Journey

• Studied social philosophy at Glasgow under Francis Hutcheson.
• Gave public lectures at the University of Edinburgh.
• Collaborated with David Hume during the Scottish Enlightenment.
• Held professorship at Glasgow University, teaching moral philosophy.
• Traveled Europe as a tutor, meeting intellectuals like Voltaire.

Economic Theories and Impact

• Criticized mercantilism; advocated for the free market.
• The Wealth of Nations:
  • Introduced the idea that rational self-interest and competition lead to prosperity.
  • Stressed the importance of the division of labour.
  • Warned against monopolies and business-dominated politics.
  • Advocated for government roles in education, infrastructure, and justice.

Personal Traits and Legacy

• Known for being absent-minded and eccentric.
• Never married; maintained a close relationship with his mother.
• Considered a symbol of free-market economics.

Influence and Recognition

• Adam Smith has been depicted on UK banknotes.
• Statues and memorials erected in his honor.
• His ideas continue to influence economic thought and policies worldwide.

Religious and Ethical Views

• Debated religious views; some label him as a theist, others as a deist.
• His works reflect a nuanced view of self-interest and morality.

Involvement in British Imperial Debates

• Opposed the idea that colonies were essential for prosperity.
• Suggested granting independence or full political rights to colonies.

Commemoration

• Memorials and statues in places like Edinburgh.
• Studied and celebrated as a foundational figure in economics.