Adam Smith the Father of Modern Economics

Topics: Economics, Adam Smith, Capitalism Pages: 4 (1205 words) Published: June 8, 2013
Touro University International

BUS 305 Competitive Analysis and Business Cycles

Module 1 Case Assignment

Dr. Joshua Shackman

Adam Smith the Father of Modern Economics

The article, Adam Smith and the Invisible Hand by Helen Joyce, proved to be interesting reading. Although it was written about three years ago and the man himself lived more than 300 years ago, the man and his theories live on through the 21st century. Before I read the article, I had never heard of Adam Smith, but it appears his ideas have penetrated time. I started doing more research into the man and his theories. In order to understand his theories and how he thought about processes, one must understand his beginnings.

Adam Smith was born in Scotland. He attended Glasgow University then Oxford University. It was his experience in this stay at Oxford that was the basis for the vital observations about universities found in The Wealth of Nations. He was selected as the Professor of Logic at Glasgow and later, Professor of Moral Philosophy. He lectured on spirituality, moral principles and political economy. His first book The Theory of Moral Sentiments established his status. He sought to understand what it was that led us to care about the welfare of others. With that book complete, he gave less attention to his theories of morals and more to political economy. Later, he made the decision to give up his university post by becoming a tutor to the Duke of Buccleuch. They traveled mainly in France, where Smith came to know many of the intellectual leaders of the country. He began a dissertation on economics. It was published as The Wealth of Nations, and on this work rests the ongoing acknowledgement of him as the father of economics. He had very provocative ideas in the book. It was a work that altered the world of economics. Many say it reformed the world itself. He asserts that wealth is steadily created by rising labor output through two key factors...
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