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Adam Smith Economics By Reid Hartley Adam Smith was born in Kirkcaldy Fife he was the only child and was born on the 5th of June 1723 a few months after the death of his father As a child Adam Smith demonstrated an absence of mind which was to be a characteristic throughout his life He was educated at Glasgow and Oxford Adam Smith was to become the first political economist the world had ever known In 1751 at age twenty-eight Adam Smith became a professor of Logic at Glasgow and then the following year took the Chair of Moral Philosophy In 1759 he published his Theory of Moral Sentiments a work that spread to both Germany and France a work that he kept revising right up to his death in 1790 By publishing in 1776 An Inquiry into the Nature and Causes of the Wealth of Nations Adam Smith founded the science of political economy The effects of this book for the modern world were so significant that it has been described as one of the most important ever written The Wealth of Nations which had been about ten years in the writing was an instant success and secured Smiths financial future In the following year he made his home in Panmure House which still stands in the Canongate There he entertained his friends regularly including such figures of the Enlightenment as the physicist Joseph Black James Hutton the geologist and David Hume He received unimaginable recognition after his death for his philosophies and writings and will go down in history as the founder of economics
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