Adam Smith

Adam Smith (1723–1790) was a Scottish economist, philosopher, and key figure of the Scottish Enlightenment, best known as the father of modern economics. Born in Kirkcaldy, Scotland, he studied at the University of Glasgow and later Oxford. In 1759, he gained recognition with his work The Theory of Moral Sentiments, which explored human ethics and sympathy. Smith’s most influential work, An Inquiry into the Nature and Causes of the Wealth of Nations (1776), laid the foundation for modern economic theory. He introduced concepts like the 'invisible hand of the market, advocating for free markets and limited government intervention. His ideas significantly shaped classical economics and capitalism.