scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 448
Adam Smith was born in Kirkcaldy Scotland in 1723 During his late teenage years he studied at the University of Glasgow and Oxford University In 1751 he became a professor at Glasgow While there he wrote The Theory of Moral Sentiment in 1759 This philosophical work gained Smith an appointment in 1764 as tutor of the young duke of Buccleuch The tutoring took Smith to France where he started writing The Wealth of Nations When Smith returned to England in 1766 the dukes stepfather provided Smith with a regular income The money enabled Smith to retire from teaching and devote the next 10 years to writing The Wealth of Nations went through five editions during Smiths lifetime But it had little major influence on economic policy until the beginning of the 1800s Adam Smith is generally regarded as the founder of modern economics Smiths major book was The Wealth of Nations Published in 1776 it was the first complete work on political economy The book discusses the relationship between freedom and order analyzes economic processes and attacks the British mercantile systems limits on free trade All three aspects are woven together to create a unified social theory The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests Smith argued that this individualism led to order and progress In order to make money people produce things that other people are willing to buy Buyers spend money for those things that they need or want most When buyers and sellers meet in the market a pattern of production develops that results in social harmony Smith said that all this would happen without any conscious control or direction as if by an invisible hand Smith also believed that labornot land or moneywas both the source and the final measure of value He said that wages depended on the basic needs of workers
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA