Adam Smith was born in the summer of 1723 in Kirkcaldy, Fife, Scotland. Only the date when he was baptized in a local church is known for certain: June 5. The child's father died before the birth of his son, and therefore the upbringing of the boy fell entirely on the shoulders of the mother. When Adam was four years old, he was kidnapped by gypsies, but the entire area rose up, and a detachment led by the boy’s uncle returned the child to his mother. Despite poor health, Adam learned to read early, and his mother made sure that the boy received a good primary education.
At the age of fourteen, Adam Smith went to Glasgow and entered the university. Here he studied the basics of philosophy for two years with the famous teacher of the time, Francis Hutchison. Many bright personalities of that time were brought up on the brilliant lectures of this professor, and his special merit is that he was the first at the University of Glasgow to give lectures in a common language, understandable to everyone, and not in Latin.
Two years later, Adam Smith received a Master of Arts degree and was awarded a scholarship for further education for his academic success. Adam chose Oxford as his place of study and became a student at Balliol College. Adam Smith later called his six years of study at Oxford the most mediocre and unhappy years of his life. The fact is that the British treated the Scots without much warmth, and even teachers considered it possible to mock people from the provinces. If it were not for Adam's stubborn character and his independent studies, he would have learned little from the walls of Oxford. By the way, he left there without receiving the required diploma.
Returning to Scotland, Adam Smith changed his mind about becoming a priest and decided to make a living from literary activity. He prepared and delivered public lectures in Edinburgh on jurisprudence, belles lettres and rhetoric. These lectures brought Adam Smith a certain fame and even official recognition: he was invited to teach at the University of Glasgow and in 1751 became a professor of logic, and a year later - a professor of moral philosophy. Adam Smith himself did not strive for titles and greatness. He was alien to political and secular ambitions and believed that happiness in no way could depend on a person’s social position, and only a job he loved, good health and peace of mind could bring true joy. By the way, apart from his mother and cousin, Adam Smith never had a family. Apparently, the reason for this was that even in his youth he suffered a serious disappointment, which forever turned him away from thoughts of marriage.
Adam Smith's lectures were extremely popular. He developed an entire course that included ethics, theology, history, politics and jurisprudence. In order to hear the famous lecturer, people came from the most remote places. It was also important that Adam Smith’s lectures were obligatory and extremely hotly discussed in all literary societies and clubs in Glasgow. The listeners not only repeated Smith’s expressions word for word, they even tried to imitate his movements and manner of speaking, considering this a special persuasive factor. Meanwhile, Adam Smith was very far from the image of an experienced and eloquent speaker. His diction was not distinct, his voice was excessively harsh, and at times the lecturer almost stuttered. His notorious absent-mindedness was also a topic of conversation. Often those around him noticed that Adam spoke quietly in the absence of an interlocutor, and even contradicted himself, and a slight smile wandered on his face.
In 1752, Adam Smith met and became friends with David Hume, a Scottish philosopher and historian who, moreover, had the reputation of a major economist. These two people were similar in many ways - both studied political economy and ethics with enthusiasm, both had their own views on the surrounding reality, both were distinguished by an inquisitive mindset. They learned a lot from each other, and Adam Smith developed some of Hume's brilliant ideas and thoughts in his works.
The Theory of Moral Sentiments, Adam Smith's first work, was published in 1759. This work brought Smith wide fame, as it actually explored human psychology in society and determined the need to follow moral principles. It should be noted that “The Theory of Moral Sentiments” was one of the most striking works concerning ethics of the 18th century. In his book, Smith developed and continued the ideas of Shaftesberry and Hume, but at the same time developed a completely new system of ethics, which represented a new stage relative to the systems of his predecessors.
Adam Smith's popularity grew so much that the Duke of Bucclei, going on a trip to Europe with his family, invited the philosopher to accompany him. Perhaps Adam Smith would have refused this offer, but the Duke put forward a very compelling argument - he offered the professor a lifelong pension of three hundred pounds every year. The money was large enough and allowed Adam Smith to no longer worry about his livelihood, concentrating his energy on writing new books.
Adam Smith's journey with the Duke of Bucclei began in 1764 and lasted just under three years, passing through cities in France and Italy. In Paris, Adam Smith was able to make close acquaintances with many outstanding writers and philosophers of that era. He talked with Helvetius and D'Alembert, but, according to him, he had especially important conversations with the brilliant economist and future controller of the finances of France - Turgot. Smith did not know French particularly well, but this did not prevent him from having long conversations about political economy and free trade. In addition, they both agreed on many points of view - for example, they believed that the intervention of the state system in the economy should be limited.
Returning to Scotland, Adam Smith began to live alone in his parents' house, devoting all his time to the main book of his life. Adam Smith spent ten years in almost complete isolation from people, arguing in letters to Hume that calm reflections advanced him in his work much more than idle interlocutors. In 1776, Adam Smith’s book “An Inquiry into the Nature and Causes of the Wealth of Nations” was published, in which he brilliantly combined abstract theory with a detailed description of production and trade and the features of their development. With this work, Adam Smith is universally recognized as having created, in fact, a new science about the relationship between people, the state and production - political economy. This work consists of five books. The first and second books are an outline of theoretical economics. The third and fourth are devoted to the history of economic views associated with European economic history after the fall of Rome. In the fifth book, Smith identified the connections between financial science and management science. The basic idea, which the economist so brilliantly proved, is that human labor is a factor and source of universal wealth. Adam Smith also came to the conclusion that the most important engine of economic progress is the division of labor. The most important thing for Adam Smith’s contemporaries was that in his work he described the contemporary economic system and showed its unsuitability for new economic conditions. Adam Smith's ideas actually stood up for the defense of the emerging bourgeoisie and served it, although the economist himself was very far from defending the interests of landowners, the bourgeoisie or aristocrats.
In 1778, Adam Smith was offered a position on the Scottish Customs Board. He agreed and moved to Edinburgh permanently. Now his visits to London were always accompanied by lectures on economics, which the public perceived as revelations and greeted with admiration. One of Adam Smith's enthusiastic admirers was William Pitt Jr., the future Prime Minister of England, who later tried to put Adam Smith's basic principles of economics into practice. The prime minister had a lot of time to study the famous book - after all, when he became familiar with this work, he was only eighteen years old.
In 1787, Adam Smith was elected rector of the University of Glasgow. That same year, he came to London for the last time - to participate in the traditional dinner of famous English politicians. Adam Smith was late for this dinner, and when he entered the hall, everyone present rose to their feet. Embarrassed by this reception, the economist muttered: “Sit down, gentlemen!”, but he was told: “Under no circumstances!” We will remain standing until you, our teacher, sit down.” By the way, Adam Smith sincerely admired William Peat Jr., claiming that this man understood his ideas much better than their author himself.
Adam Smith never left Edinburgh again. His mother died soon after, and according to friends, Smith was completely disheartened by the loss. He became even more unsociable and also became very seriously ill. The great economist died on July 17, 1790. Before his death, he ordered the destruction of all his unfinished works, as if once again reminding his descendants of contempt for worldly vanity and vanity.
A short biography of Adam Smith allows you to better understand what the famous Scottish economist who founded modern economic theory was like in life. He is also known as an ethical philosopher.
Biography of an economist
A short biography of Adam Smith begins in 1723. He was born in the town of Kirkcaldy in the kingdom of Scotland. It is worth recognizing that a complete thorough biography of the economist still does not exist. After all, the 18th century was a time when it was not accepted to document every step of a person. Therefore, we do not know all the details of Smith’s life, not even his exact date of birth. But it is known for sure that his father was an educated man - a lawyer and customs official. True, just two months after Adam’s birth, he died.
His mother was the daughter of a large landowner, who made sure that the boy received a comprehensive education. A short biography of Adam Smith states that he was an only child, since no information about his brothers and sisters has survived. A sharp turn in his fate occurred at the age of 4, when he was kidnapped by gypsies. True, it was not possible to take the boy far. His relatives saved him. Instead of living in a camp, he studied at a good school in Kirkcaldy, and from early childhood he was surrounded by a large number of books.
Smith's education
At the age of 14, the future economist entered the University of Glasgow. After this, Adam Smith’s short biography began to take shape successfully. After all, he ended up in the so-called center of Scottish education. For two years he studied the principles of philosophy with the famous proponent of deism, Francis Hutcheson. Smith's education was quite varied. The university course included logic, moral philosophy, ancient languages, in particular ancient Greek, as well as astronomy and mathematics.
At the same time, a short biography of Adam Smith notes that his classmates considered him at least strange. For example, he could easily think deeply when he found himself in a noisy and cheerful company, without reacting in any way to those around him.
In 1740, Adam Smith continued his education at Oxford. A brief biography of the economist reveals that he received a scholarship there, having studied for a total of 6 years. At the same time, the scientist himself was very critical of the education received there, noting that most of the professors in this educational institution had long given up even the appearance of teaching. At the same time, he was regularly sick and did not show the slightest interest in economics.
Scientific activities
Adam Smith began scientific and teaching activities in 1748 (a short biography of the scientist states exactly this). He began to give lectures in At first they had nothing to do with economics, but were devoted to English literature, and later to jurisprudence, economics and sociology, so beloved by his father.
It was at this university that Adam Smith first became interested in economics. The Scottish economist and philosopher began to express the ideas of economic liberalism in the early 1750s.
Smith's achievements
It is known that in 1750 Adam Smit, whose brief biography necessarily mentions this, met the Scottish philosopher David Hume. Their views were similar, which was reflected in their numerous joint works. They were devoted not only to economics, but also to religion, politics, philosophy, and history. These two scientists played perhaps the key role in the Scottish Enlightenment.
In 1751, Smith received a position as professor of logic at the University of Glasgow, from which he himself had once graduated. His next achievement was the position of dean, which he received in 1758.
Scientific works
In 1759, Smith published his popular book The Theory of Moral Sentiments. It was based on his lectures at the University of Glasgow. In this work, he analyzed in detail the ethical standards of behavior, in fact speaking out against church morality, which for that time was a very revolutionary statement. As an alternative to the fear of going to hell, Smith proposed evaluating one's actions from a moral point of view, while speaking out in favor of the ethical equality of all people.
Personal life of a scientist
Very little is known about Adam Smith's private life. The information is incomplete and fragmentary. So, it is believed that twice, in Glasgow and Edinburgh, he almost got married, but for some reason this did not happen.
As a result, the scientist spent his entire life with his mother, who died only 6 years earlier than her son, as well as his cousin, who remained an old maid. The scientist's contemporaries claim that traditional Scottish food was always served in his house, and local customs were valued.
Economic theory
But still, the most important work of the scientist is considered to be the treatise It was published in 1776. The treatise consists of five books. In the first, the economist examines the reasons by which labor productivity can be increased, and as a result, the product can be distributed among the classes of the people in a natural way.
The second book talks about the nature of capital, its application and accumulation. This is followed by a part about how the well-being of different nations developed, and then the systems of political economy are considered. And in the final book, the author writes about the income that the state and the monarch receive.
Adam Smith proposed a new approach to economics. A short biography, quotes and aphorisms are well known to all his admirers. The most famous saying is that the entrepreneur is guided by the invisible hand of the market towards a goal that may not have originally been his intention. Smith in his book offers his own view of the role of the state in the economic system. This later became known as classical economic theory.
In accordance with it, the state is obliged to take upon itself the issues of ensuring the safety of human life, as well as the inviolability of his private property. It should also help resolve disputes between citizens on the basis of law and justice. To summarize, we can say that the state must take on those functions that an individual cannot perform or will do so ineffectively.
Smith was the first scientist to describe the principles of a market economy. He vehemently argued that every entrepreneur strives to achieve his private and personal interests. However, in the long run, this benefits the entire society, even if a particular businessman did not think about it or did not want it. Smith called the main condition for achieving such a result economic freedoms, which should become the basis for the activities of economic entities. There must also be freedom in competition, decision-making and choice of field of activity.
Smith died in Edinburgh in 1790. He was 67 years old. He suffered from intestinal disease.
Adam Smith, the founder of the classical school of political economy, often called the creator of the science of national economy, was born in Kirkcaldy (Kirkelday), Scotland, on June 5, 1723, a few months after the death of his father, a modest customs official. As a child, Adam Smith was distinguished by timidity and silence; he early discovered a desire for reading and mental pursuits. After completing his initial studies at a local school, Smith entered the University of Glasgow in his 14th year, from where three years later he transferred to Oxford. The main subject of his studies was philosophical and mathematical sciences. The further biography of Adam Smith, after completing his education, is extremely poor in external events: it was entirely devoted to science and teaching. Returning to Scotland, he lectured on rhetoric and aesthetics in Edinburgh for 2 years (1748–50); then he is invited to Glasgow to the department of logic, but, due to the death of Professor Craigie, Smith soon opens a course in moral philosophy and becomes the successor of his teacher, the famous Professor Hutcheson. Not being by nature a skilled speaker, Smith, however, by the power of his accurate and exhaustive analysis, the wealth of thought, brilliantly illuminated by a successful selection of facts, and the extraordinary clarity of presentation, acquired, as a professor, extraordinary popularity, and listeners flocked to him from all over Scotland and England .
Portrait of Adam Smith
In 1759, Adam Smith published a book that he considered the main work of his life, “The Theory of Moral Sentiments,” which immediately placed his name alongside the first-class scientists of that time. In 1762, the University of Glasgow gave him the title of Doctor of Laws. In 1764, Smith left the department and went on a trip to France with his pupil, the Duke of Buccleugh; there he spent most of 1765 in Paris, where he became closely acquainted with the physiocrats Quesnay and Turgot and other scientists. Upon returning to his homeland, Adam Smith lived in Kirkcaldy until the mid-70s, only occasionally leaving to visit those who lived in neighborhood of friends; in 1775 he sent it to press, and the following year published his immortal work “Inquiry into the nature and causes of the wealth of nations”. This was the most important and final work in the biography of Adam Smith, forever cementing his place of honor in the history of social knowledge. Having soon received an official appointment in the customs department, Smith settled in Edinburgh and spent the rest of his life there, without giving anything significant to science. Adam Smith died on July 17, 1790.
Smith's philosophical work on moral sentiments does not occupy a prominent place in the history of ethical systems. Joining his immediate predecessors, Hume and Hutcheson, Smith completed the development of English moral philosophy of the last century. His merit lies in the fact that he isolated all that was most valuable from the moral teachings of philosophers and gave it a systematic treatment, based on certain general principles and making extensive use of psychological analysis. The main thing in Smith's research is the definition of sympathy as a general concept for any type of sympathy. Sympathy, according to Smith, serves as a source of moral approval, but recognition of a moral principle also requires correspondence or a certain harmony between the feeling that excites sympathy or mood and the circumstances that cause it. In addition, the concept of moral includes the idea of the consequences of an act, and from this arise the ideas of beneficence and retribution: the first presupposes moral approval (sympathy) of gratitude, and the second - the same approval of reward or punishment. Adam Smith considers the idea of retribution to be morally approving, and, considering people as primarily selfish creatures, he finds the feeling of retribution to be highly appropriate for the interests of society, for it puts a limit to human egoism. By transferring our judgments of what is morally approving outside of you onto ourselves, Smith comes to an analysis of the sense of duty and conscience and shows how a judgment is gradually created in us over our actions and how general rules of conduct are drawn up from private observations. Turning then to the definition of virtue, Adam Smith finds in it three main properties: prudence, justice and benevolence, to which, however, self-control and temperance must be added. Smith concludes his conclusions with a critical review of previous research. While not valuable in its general propositions, Smith's philosophical study is remarkable for the extraordinary power of analysis in the description of individual particulars, for the extraordinary vividness and clarity of presentation. These qualities determined the book's great success among the public: during the author's lifetime it was published six times and translated into many European languages. A distinctive feature of Adam Smith’s moral research, which was reflected in his political views, is the belief in the expediency of the existing, in the pre-established harmony of the world order, the maintenance of which is served by all the individual aspirations of individuals.
Smith's Inquiry into the Nature and Causes of the Wealth of Nations, devoted to the study of economic phenomena, was of incomparably greater importance. While in the field of philosophical thinking he did not leave his students, and the further development of ethical teachings took new paths, in the field of economics Smith founded a school and paved the way along which science, despite newly emerging directions, continues to develop to the present day.
SMITH (Smith) Adam (1723-90), Scottish economist and philosopher, one of the leading representatives of classical political economy. In “A Study on the Nature and Causes of the Wealth of Nations” (1776), he summarized the century-long development of this direction of economic thought, examined the theory of value and income distribution, capital and its accumulation, the economic history of Western Europe, views on economic policy, and state finances. He approached economics as a system in which objective laws amenable to knowledge operate. During Smith's lifetime, the book went through 5 English and several foreign editions and translations.
SMIT (Smith) Adam (baptized 5 April 1723, Kirkcaldy, Scotland - 17 July 1790, Edinburgh), British (Scottish) economist and philosopher. He created the theory of labor value and substantiated the need for the possible liberation of a market economy from government intervention.
Life and scientific activities
Born into the family of a customs official. He studied at school for several years, then entered the University of Glasgow (1737) to study moral philosophy. In 1740 he received a Master of Arts degree and a private scholarship to continue his studies at Oxford, where he studied philosophy and literature until 1746.
In 1748-50 Smith gave public lectures on literature and natural law in Edinburgh. From 1751 he was a professor of logic at the University of Glasgow, and from 1752 he was a professor of moral philosophy. In 1755 he published his first articles in the Edinburgh Review. In 1759 he published a philosophical work on ethics, The Theory of Moral Sentiments, which brought him international fame. In 1762 Smith received the degree of Doctor of Laws.
In 1764 he left teaching and went to the continent as tutor to the young Duke of Buccleuch. In 1764-66 he visited Toulouse, Geneva, Paris, met with Voltaire, Helvetius, Holbach, Diderot, d'Alembert, physiocrats. Upon returning home, he lived in Kirkcaldy (until 1773), and then in London, completely devoted himself to work on fundamental work "An Inquiry into the Nature and Causes of the Wealth of Nations", the first edition of which was published in 1776.
From 1778 Smith held the position of customs official in Edinburgh, where he spent the last years of his life.
Philosophical and economic views
The economic theory that Smith outlined in An Inquiry into the Causes and Wealth of Nations was closely connected with the system of his philosophical ideas about man and society. Smith saw the main driver of human actions in selfishness, in the desire of each individual to improve his situation. However, according to him, in society, the selfish aspirations of people mutually limit each other, forming together a harmonious balance of contradictions, which is a reflection of the harmony established from above and reigning in the Universe. Competition in the economy and everyone’s desire for personal gain ensure the development of production and, ultimately, the growth of social welfare.
One of the key provisions of Smith's theory is the need to free the economy from state regulation that impedes the natural development of the economy. He sharply criticized the prevailing economic policy of mercantilism at that time, aimed at ensuring a positive balance in foreign trade through a system of prohibitive measures. According to Smith, the desire of people to buy where it is cheaper and sell where it is more expensive is natural, and therefore all protectionist duties and incentives for exports are harmful, as are any obstacles to the free circulation of money.
Arguing with the theorists of mercantilism, who identified wealth with precious metals, and with the physiocrats, who saw the source of wealth exclusively in agriculture, Smith argued that wealth is created by all types of productive labor. Labor, he argued, also acts as a measure of the value of goods. At the same time, however, Smith (unlike the economists of the 19th century - D. Ricardo, K. Marx, etc.) did not mean the amount of labor that was spent on the production of a product, but that which can be purchased for this product. Money is just one type of commodity and is not the main purpose of production.
Smith associated the well-being of society with an increase in labor productivity. He considered the division of labor and specialization to be the most effective means of increasing it, citing the now classic example of the pin factory. However, the degree of division of labor, he emphasized, is directly related to the size of the market: the wider the market, the higher the level of specialization of the producers operating in it. This led to the conclusion that it was necessary to abolish such restrictions for the free development of the market as monopolies, guild privileges, laws on residence, compulsory apprenticeship, etc.
According to Smith's theory, the initial value of a product during distribution is divided into three parts: wages, profit and rent. With the growth of labor productivity, he noted, there is an increase in wages and rent, but the share of profit in the newly produced value decreases. The total social product is divided into two main parts: the first - capital - serves to maintain and expand production (this includes the wages of workers), the second goes for consumption by the unproductive classes of society (owners of land and capital, civil servants, military personnel, scientists, liberal professions) etc.). The well-being of society depends on the ratio of these two parts: the larger the share of capital, the faster social wealth grows, and, on the contrary, the more funds spent on unproductive consumption (primarily by the state), the poorer the nation.
At the same time, Smith did not seek to reduce the influence of the state on the economy to zero. The state, in his opinion, should play the role of an arbiter, and also carry out those socially necessary economic activities that private capital cannot do.
Adam Smith is a great Scottish philosopher and economist, one of the founders of modern economic theory.
As the late 19th-century English economist and publicist Walter Bagehot noted, “[Adam Smith’s] books can hardly be understood unless one has some idea of him as a person.” In 1948, Alexander Gray wrote: “It seems strange that our little knowledge of the details of his life... His biographer is almost forced to make up for the lack of material by writing not so much a biography of Adam Smith as a history of his time.”
A thorough scientific biography of Adam Smith still does not exist.
Adam Smith was born in June 1723 (the exact date of his birth is unknown) and baptized on June 5 in the town of Kirkcaldy in the Scottish county of Fife. His father, a customs official also named Adam Smith, died 2 months before his son was born. It is assumed that Adam was the only child in the family, since no records of his brothers and sisters have been found anywhere. At the age of 4, he was kidnapped by gypsies, but was quickly rescued by his uncle and returned to his mother. It is believed that Kirkcaldy had a good school and from childhood Adam was surrounded by books.
At the age of 14, he entered the University of Glasgow, where he studied ethical philosophy under Francis Hutcheson for two years. In his first year, he studied logic (this was a mandatory requirement), then moved to the class of moral philosophy; studied ancient languages (especially ancient Greek), mathematics and astronomy. Adam had a reputation as a strange person - for example, among a noisy company he could suddenly think deeply - but an intelligent person. In 1740 he entered Balliol College, Oxford, receiving a scholarship to continue his education, and graduated in 1746. Smith was critical of the quality of teaching at Oxford, writing in The Wealth of Nations that “at Oxford University the majority of the professors have for many years now given up even the appearance of teaching.” At the university, he was often sick, read a lot, but did not yet show interest in economics.
In the summer of 1746, after the uprising of Stuart supporters, he returned to Kirkcaldy, where he spent two years educating himself.
In 1748, Smith began lecturing at the University of Edinburgh - under the patronage of Lord Kames (Henry Hume), whom he met during one of his trips to Edinburgh. Initially these were lectures on English literature, later on natural law (which included jurisprudence, political doctrines, sociology and economics). It was the preparation of lectures for students at this university that became the impetus for Adam Smith to formulate his ideas about the problems of economics. He began to express the ideas of economic liberalism, presumably in 1750-1751.
The basis of Adam Smith's scientific theory was the desire to look at a person from three sides: from the standpoint of morality and morality, from a civil and governmental standpoint, and from an economic standpoint.
Adam lectured on rhetoric, the art of letter writing, and later on the subject of "the acquisition of wealth", where he first expounded in detail the economic philosophy of the "evident and simple system of natural liberty", which was reflected in his most famous work, An Inquiry into the Nature and Causes of the Wealth of Nations "
Around 1750, Adam Smith met David Hume, who was almost a decade older than him. The similarity of their views, reflected in their writings on history, politics, philosophy, economics and religion, shows that together they formed an intellectual alliance that played an important role in the period of the so-called Scottish Enlightenment.
In 1751 Smith was appointed professor of logic at the University of Glasgow. Smith lectured on ethics, rhetoric, jurisprudence, and political economy. In 1759, Smith published The Theory of Moral Sentiments, based on his lectures. In this work, Smith analyzed the ethical standards of behavior that ensure social stability. At the same time, he actually opposed church morality, based on the fear of punishment after death and promises of paradise, proposed the “principle of sympathy” as the basis for moral assessments, according to which what is moral is that which evokes the approval of impartial and insightful observers, and also spoke out in favor of ethical equality people - the equal applicability of moral standards to all people.
Smith lived in Glasgow for 12 years, regularly leaving for 2-3 months in Edinburgh; here he was respected, made a circle of friends, and led the lifestyle of a club-going bachelor.
There is information that Adam Smith almost got married twice, in Edinburgh and in Glasgow, but for some reason this did not happen. Neither in the memoirs of his contemporaries, nor in his correspondence is there any evidence that this would seriously affect him. Smith lived with his mother (whom he outlived by 6 years) and his unmarried cousin (who died two years before him). One of the contemporaries who visited Smith's house recorded that national Scottish food was served in the house and Scottish customs were observed. Smith valued folk song, dance, and poetry, and one of his last book orders was several copies of the first published volume of poetry by Robert Burns (who himself held Smith in high esteem, and repeatedly referred to his work in his correspondence). Despite the fact that Scottish morality did not encourage the theater, Smith himself loved it, especially the French theater.
The source of information about the development of Smith's ideas comes from notes of Smith's lectures, presumably taken in 1762-63 by one of his students and found by the economist Edwan Cannan. According to the lectures, Smith's course in moral philosophy by that time was more of a course in sociology and political economy; materialistic ideas were expressed, as well as the beginnings of ideas that were developed in The Wealth of Nations. Other sources include drafts of the first chapters of Wealth found in the 1930s; they date from 1763. These sketches contain ideas about the role of the division of labor, the concept of productive and unproductive labor, and so on; mercantilism is criticized and the rationale for Laissez-faire is given.
In 1764-66, Smith lived in France, being the tutor of the Duke of Buccleuch. This mentoring greatly improved his situation: he had to receive not only a salary, but also a pension, which later allowed him not to return to the University of Glasgow and work on a book. In Paris, he attended the “mezzanine club” of François Quesnay, that is, he personally became acquainted with the ideas of the physiocrats; however, according to evidence, at these meetings he listened more than he spoke. However, the scientist and writer Abbé Morellet said in his memoirs that Smith's talent was appreciated by Monsieur Turgot; he repeatedly talked with Smith about the theory of trade, banks, government credit and other issues of “the great work that he was planning.” From the correspondence it is known that Smith also communicated with d’Alembert and Holbach, in addition, he was introduced into the salon of Madame Geoffrin, Mademoiselle Lespinasse, and visited Helvetius.
Before their trip to Paris (from December 1765 to October 1766), Smith and Buccleuch lived in Toulouse for a year and a half, and for several days in Geneva. Here Smith visited Voltaire at his Geneva estate.
The influence of the physiocrats on Smith is debatable; Dupont de Nemours believed that the main ideas of The Wealth of Nations had been borrowed, and therefore Professor Cannan's discovery of the Glasgow student's lectures was extremely important as proof that the main ideas had already been formed in Smith before the French trip.
After returning from France, Smith worked in London for six months as an unofficial expert to the Chancellor of the Exchequer, and from the spring of 1767 he lived reclusively in Kirkcaldy for six years, working on a book. At the same time, he did not write the book himself, but dictated it to the secretary, after which he corrected and processed the manuscript and allowed it to be rewritten completely. He complained that the intense, monotonous work was undermining his health, and in 1773, when leaving for London, he even considered it necessary to formally transfer the rights to his literary inheritance to Hume. He himself believed that he was going to London with a finished manuscript, but in fact, in London it took him more than two years to revise it, taking into account new statistical information and other publications. In the process of revision, to make it easier to understand, he excluded most of the references to the works of other authors.
Smith became world famous after publishing An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. This book analyzes in detail how an economy could operate in conditions of complete economic freedom and exposes everything that prevents this. The book substantiates the concept of laissez-faire (the principle of freedom of economic development), shows the socially useful role of individual egoism, and emphasizes the special importance of the division of labor and the vastness of the market for the growth of labor productivity and national well-being. The Wealth of Nations introduced economics as a science based on the doctrine of free enterprise.
In 1778 Smith was appointed one of the five Commissioners of Customs for Scotland at Edinburgh. Having a very high salary for those times of 600 pounds sterling, he continued to lead a modest lifestyle and spent money on charity; the only valuable thing left after him was the library collected during his life. He took his service seriously, which interfered with his scientific work; Initially, however, he planned to write a third book, a general history of culture and science. After his death, what the author had saved the day before was published - notes on the history of astronomy and philosophy, as well as the fine arts. The rest of Smith's archive was burned at his request. During Smith's lifetime, The Theory of Moral Sentiments was published 6 times, and The Wealth of Nations 5 times; The third edition of “Wealth” was significantly expanded, including the chapter “Conclusion on the mercantilistic system.” In Edinburgh, Smith had his own club, on Sundays he hosted dinners for friends, and visited, among others, Princess Vorontsova-Dashkova. Smith died in Edinburgh after a long bowel disease on July 17, 1790.
Portrait of Adam Smith by John Kay
Adam Smith was slightly above average height; had regular facial features, blue-gray eyes, a large straight nose and an upright figure. He dressed modestly, wore a wig, loved to walk with a bamboo cane on his shoulder, and sometimes talked to himself
