Question

Identify adam smith and describe his economic view as he put forth his book Wealth of Nations.

Answer 1

Adams Smith is the father of economics

Answer 2

Enlightenment Essay
Adam Smith

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Adam Smith
Adam Smith is the father of modern economics. His economic theory was as unique as he was – it was rooted in moral philosophy. His most notable book, An Inquiry into the Nature and Causes of the Wealth of Nations (usually shortened to A Wealth of Nations), is the bible of modern capitalism. Unlike most revolutionaries, he was appreciated in his time and died wealthy.
Remarkable Beginnings:
While the exact date of his birth is unknown, it is known that Adam Smith was baptized on June 5, 1723 in the Church of Scotland at Kirkcaldy according to the beliefs of the church. Shortly after his baptism, his father died. The loss of his father at such an early age drew him closer to his mother, Margaret Douglas, who was the daughter of the landed Robert Douglas of Strathedry. Although he was born in a small Scottish village, his speaking and writing skills were recognized by his mother early on and she took every step to ensure he was given the best education possible. His mother became the most influential person in his life. She saw to it that he went to the best schools in Scotland. There was even rumors and stories of how, as a child, he was captured by gypsies and later returned.
Education, Education:
At the age of 14 or 15, he attended the University of Glasgow and studied Philosophy. It was during this time that he honed his skills in free speech in debate and moral philosophy. One of his most influential instructors, Dr. Francis Hutcheson, was affectionately referred to by Smith as “the never-to-be-forgotten Dr. Hutcheson.” Shortly thereafter, he also attended Balliol College at Oxford to study European literature. At Oxford he became the first student to benefit from the prestigious ‘Snell Exhibition’ scholarship offered by fellow Scot, John Snell. Oxford was rough for Smith because he got very little help with his studies. Eventually, he gave up his scholarship and did public speaking instead.
Great Works
In 1751, he returned to University of Glasgow to teach Moral Philosophy. Over the next seven years, he met and built significant intellectual bond with David Hume and they co-wrote many papers on politics, history, religion and economics. His first significant work was published in 1759, The Theory of Moral Sentiments. This book emphasized how mutual sympathy was the basis of moral sentiments. In 1763, Adams quit his professorship and began tutoring in London. It was while he was tutoring that he met the leading French economist, Francois Quesnay. Quesnay theorized system called "Physiocracy," which he thought explained the source of a nation’s wealth. In short, Quesnay thought a nation’s wealth came from its agricultural produce, which circulated throughout the nation feeding everyone. It was this unusual idea that prompted Smith to begin to write his own book on economics in 1767. Nine years later, in 1776, he published An Inquiry into the Nature and Causes of the Wealth of Nations. The book was an immediate success, selling out the first edition in only six months. His book defined what Smith proposed that the wealth of a nation consisted of both farm output and manufactured goods along with the labor it took to produce them. This was a radical change in the views of labor in the emerging Industrialized nations. In fact, one of the reasons he wrote it was to “upend the mercantilism system,” which was nations sell goods to hoard gold and silver from other countries.
Hands Off:
We know Adam Smith today as the father of laissez faire ("to leave alone") economics. This is the idea that government should leave the economy alone and not interfere with the "natural course" of free markets and free trade.
Adam Smith did not write any other books. He died in 1790, well regarded by all who knew him. By the time of his death, the British prime minister, William Pitt, had adopted Smith’s economic principles as government policy. Thus, beginning the revolution of modern free market capitalism that dominates world economics today.
Citations and Sites:
http://www.let.rug.nl/usa/biographies/adam-smith/
http://www.biography.com/people/adam-smith-9486480
http://www.age-of-the-sage.org/philosophy/adam_smith.html
https://www.britannica.com/biography/Adam-Smit
https://www.crf-usa.org/bill-of-rights.../bria-23-1-a-adam-smith-and-the-wealth-of-nations.html
https://www.adamsmith.org/the-wealth-of-nations/