The Invisible Hand

Adam Smith is a Scottish moral philosopher and economist. He is considered the founder of classical economics and a pioneer of political economy. He is best known for his two classic books: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). It is one of his most important effects, and the first work dealing with modern economics, and was known for short, as “The Wealth of Nations.” He called for promoting individual initiative, competition, and freedom of trade, as the best way to achieve the greatest amount of wealth and happiness. Smith is considered the father of modern economics, and he is still considered one of the most influential economic thinkers in today's economics. In 2009, Smith was named among the "Greatest Scots" of all time, in a vote on a Scottish television channel. Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, and after graduating gave a successful series of public lectures at the University of Edinburgh. He then obtained a professorship in Glasgow teaching moral philosophy, during which time he wrote and published The Theory of Moral Sentiments. Smith later worked as a tutor, which allowed him to travel around Europe, where he met some of the great thinkers of his day. Smith then returned to his country, and spent about ten years working on his book The Wealth of Nations, which was then published in 1776. Smith then died in 1790 at the age of 67.