Adam
Smith

Adam Smith, born on June 5, 1723, in Kirkcaldy, Scotland, stands as a seminal figure in the history of economic thought. His work laid the foundations for classical economics and introduced the principles that underpin much of modern economic theory. Smith's early education at the University of Glasgow and Balliol College, Oxford, provided him with a broad intellectual grounding, leading him to adopt a professorship at Glasgow where he lectured on moral philosophy, a discipline encompassing ethics, jurisprudence, and political economy.

Smith's magnum opus, "The Wealth of Nations" (1776), marks a pivotal moment in economic theory, articulating the concept of the "invisible hand" to describe the self-regulating behavior of the marketplace. In it, Smith championed the advantages of a free-market economy, arguing that economic prosperity and societal well-being result from individuals pursuing their self-interest within a competitive landscape. This work not only critiqued the mercantilist policies of his time but also laid the groundwork for the principles of division of labor, specialization, and the accumulation of wealth. His earlier work, "The Theory of Moral Sentiments" (1759), delved into the nature of ethical judgments and empathy, establishing his belief in the inherent sociality and moral reasoning of humans. Together, these texts encapsulate Smith's enduring legacy as the father of modern economics, whose ideas on freedom, market dynamics, and moral philosophy continue to resonate in contemporary discussions on economic policy and ethics.