Adam Smith - Father Of Modern Economics
Adam Smith is thought to be the father of modern Economics. He published The Wealth of Nations in 1776, which caught the public eye and skyrocketed him to success and fame as an economist. His work can be seen in the words of David Ricardo, Karl Marx, John Maynard Keynes, and Milton Friedman throughout the past two centuries.
Adam Smith was from Scotland, where he was born to a widowed mother who raised him on her own. He entered University at age 14, which was the standard at the time. He was on scholarship, which made no financial qualms for himself or his mother. Later, he went to Balliol College at Oxford, where he gained much knowledge of European Literature and distaste for English schools of all kinds.
He returned home after college and in 1751 was made the first chair of logic after giving a set of well-received lectures. In 1752, he was made the chair of moral philosophy. This all happened at his alma mater, Glasgow University. In 1764, he traveled throughout France and Switzerland, tutoring the duke of Buccleuch. This brought Smith many opportunities to see and meet people that he would have never thought possible on his own. He earned a life pension as a service to the duke, sending him to retire in his hometown and write the book that made him famous.
Stay tuned in the next couple of days for more about Adam Smith’s The Wealth Of Nations.
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