Day 2: Adam Smith and Economics
Adam Smith- born in 1723 on the Eastern coast of Scotland and lived for 67 years before dying in 1790 due to an illness, preventing him from publishing his two upcoming books. Even after his death he is regarded as the ‘Father of Economics’ and during his life was a key figure in the face of Capitalism.
During his early life Smith was formally educated at the University of Glasgow and studied *moral philosophy. He wrote many books; ‘The Wealth of Nations’ was one of his most influential works. Along with being an author he also earned a professorship and delivered lectures. While at the time his new proposal of a broader view of wealth was criticised, now it is widely accepted.
His book ‘The Wealth of Nations’, as mentioned previously, heavily influenced current views of economic thought. His proposal of free-market economics leading to a stable economy through self-interest was the main thesis of this book.
My definition of Economics (at Day 2)- social science that contemplates society’s use/distribution of finite resources and ideal logical thinking, according to assumptions.
*moral philosophy- study of philosophy concerning ethics
