About Adam Smith — Adam Smith Institute

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Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy.Adam Smith, 29, from England AFC Bournemouth, since 2013 Right-Back Market value: €4.00m* Apr 29, 1991 in London...Facts and data. Name in home country: Adam James Smith.Adam Smith is often identified as the father of modern capitalism. While accurate to some extent, this description is both overly simplistic and dangerously misleading.Adam Smith, c.1770 © Smith was a hugely influential Scottish political economist and philosopher, best known for his book 'The Wealth of Nations'. Adam Smith's exact date of birth is unknown...

Adam Smith Biography - Childhood, Life Achievements & Timeline

Последние твиты от Adam Smith (@adamsmithtimes). Mercury Public Affairs. Dad. Recovering journalist. Floridian. Mutt owner. adamcsmith1@gmail.com. Florida, USA.We are Adam Smith International, a global advisory company that works locally to transform lives by making economies stronger, societies more stable, and governments more effective.Адам Смит. Adam Smith. Rae, John. Life of Adam Smith. — New York City : Macmillan Publishers, 1895.Adam Smith (16 June 1723 - 17 July 1790) was a Scottish-born economist and philosopher, widely considered the "father of modern economics". To desire you to read my book over and mark all the corrections you would wish me to make...would oblige me greatly: I know how much I shall be...Adam Smith (1723-1790) was a Scottish social philosopher and pioneer of classical economics. He is best known for his work 'The Wealth of Nations' which laid down a framework for the basis of...

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Adam SmithFRSAThe posthumous c. 1800 Muir portrait at the Scottish National Gallery; the work, through an unknown artist, is in accordance with a medallion by means of James Tassie.Bornc. 5 June [O.S. c. 5 June] 1723[1]Kirkcaldy, Fife, ScotlandDied17 July 1790 (elderly 67)Edinburgh, ScotlandNationalityScottishAlma mater University of Glasgow Balliol College, OxfordNotable work The Wealth of Nations The Theory of Moral SentimentsAreaWestern philosophySchoolClassical liberalismMain interestsPolitical philosophy, ethics, economicsNotable ideasClassical economics, free marketplace, financial liberalism, division of labour, absolute merit, The Invisible Hand Influences AristotleCantillon[2]HumeHutchesonMandevilleQuesnayLockeBurke Influenced BastiatFriedmanHayekMisesRothbardRandKrugmanSowellHegelHodgskinKeynesMalthusMarxMillProudhon[3]RicardoSaint-SimonSaySismondiChomskyGeorgeComteNashSieyès[4]SignaturePart of a chain onCapitalism Concepts Business Business cycle Businessperson Capital 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Adam Smith FRSA (c. 16 June [O.S. c. 5 June] 1723[1] – 17 July 1790) used to be a Scottish[a] economist, thinker as well as an ethical thinker, a pioneer of political economic system, and a key determine all through the Scottish Enlightenment,[6] often referred to as ''The Father of Economics''[7] or ''The Father of Capitalism''.[8] Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, continuously abbreviated as The Wealth of Nations, is regarded as his magnum opus and the first trendy paintings of economics. In his work, Adam Smith offered his concept of absolute merit.[9]

Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he used to be one of the first students to get pleasure from scholarships set up via fellow Scot John Snell. After graduating, he delivered a successful sequence of public lectures at the University of Edinburgh,[10] main him to collaborate with David Hume right through the Scottish Enlightenment. Smith got a professorship at Glasgow, teaching ethical philosophy and all through this time, wrote and revealed The Theory of Moral Sentiments. In his later existence, he took a tutoring position that allowed him to go back and forth throughout Europe, the place he met different intellectual leaders of his day.

Smith laid the foundations of classical free market economic concept. The Wealth of Nations used to be a precursor to the trendy educational discipline of economics. In this and other works, he evolved the idea of division of labour and expounded upon how rational self-interest and festival can lead to economic prosperity. Smith was debatable in his personal day and his common approach and writing style have been incessantly satirised via writers equivalent to Horace Walpole.[11]

Biography

Early lifestyles

Smith used to be born in Kirkcaldy, in Fife, Scotland. His father, also Adam Smith, was once a Scottish Writer to the Signet (senior solicitor), suggest and prosecutor (judge suggest) and also served as comptroller of the customs in Kirkcaldy.[12] Smith's mother was born Margaret Douglas, daughter of the landed Robert Douglas of Strathendry, additionally in Fife; she married Smith's father in 1720. Two months before Smith was once born, his father died, leaving his mother a widow.[13] The date of Smith's baptism into the Church of Scotland at Kirkcaldy was 5 June 1723[14] and this has often been handled as though it had been additionally his date of beginning,[12] which is unknown.

Although few events in Smith's early youth are recognized, the Scottish journalist John Rae, Smith's biographer, recorded that Smith used to be kidnapped by way of Romani at the age of three and launched when others went to rescue him.[b][16] Smith was once close to his mother, who probably encouraged him to pursue his scholarly ambitions.[17] He attended the Burgh School of Kirkcaldy—characterized via Rae as "one of the best secondary schools of Scotland at that period"[15]—from 1729 to 1737, he discovered Latin, arithmetic, historical past, and writing.[17]

Formal education

Smith entered the University of Glasgow when he used to be 14 and studied ethical philosophy beneath Francis Hutcheson.[17] Here, he developed his pastime for liberty, reason, and free speech. In 1740, he used to be the graduate student introduced to undertake postgraduate research at Balliol College, Oxford, beneath the Snell Exhibition.[18]

Smith regarded as the educating at Glasgow to be a long way superior to that at Oxford, which he found intellectually stifling.[19] In Book V, Chapter II of The Wealth of Nations, he wrote: "In the University of Oxford, the greater part of the public professors have, for these many years, given up altogether even the pretence of teaching." Smith is also reported to have complained to buddies that Oxford officers once came upon him reading a duplicate of David Hume's A Treatise of Human Nature, they usually subsequently confiscated his e-book and punished him significantly for studying it.[15][20][21] According to William Robert Scott, "The Oxford of [Smith's] time gave little if any help towards what was to be his lifework."[22] Nevertheless, he took the alternative whilst at Oxford to teach himself several subjects by means of reading many books from the shelves of the large Bodleian Library.[23] When Smith used to be not learning on his personal, his time at Oxford used to be now not a contented one, in accordance to his letters.[24] Near the end of his time there, he started suffering from shaking fits, more than likely the symptoms of a apprehensive breakdown.[25] He left Oxford University in 1746, ahead of his scholarship ended.[25][26]

In Book V of The Wealth of Nations, Smith comments on the low quality of instruction and the meager highbrow task at English universities, in comparison to their Scottish opposite numbers. He attributes this both to the rich endowments of the colleges at Oxford and Cambridge, which made the source of revenue of professors independent of their ability to attract scholars, and to the proven fact that outstanding men of letters may just make an even more at ease living as ministers of the Church of England.[21]

Smith's discontent at Oxford might be partially due to the absence of his liked instructor in Glasgow, Francis Hutcheson, who was once well thought to be one of the most outstanding teachers at the University of Glasgow in his day and earned the approbation of students, colleagues, or even unusual citizens with the fervor and earnestness of his orations (which he every now and then opened to the public). His lectures endeavoured now not merely to train philosophy, but in addition to make his students embody that philosophy of their lives, as it should be acquiring the epithet, the preacher of philosophy. Unlike Smith, Hutcheson was not a machine builder; somewhat, his magnetic persona and manner of lecturing so influenced his scholars and led to the greatest of the ones to reverentially refer to him as "the never to be forgotten Hutcheson"—a title that Smith in all his correspondence used to describe most effective two other people, his just right good friend David Hume and influential mentor Francis Hutcheson.[27]

Teaching profession

Smith started delivering public lectures in 1748 at the University of Edinburgh,[28] subsidized by the Philosophical Society of Edinburgh beneath the patronage of Lord Kames.[29] His lecture topics integrated rhetoric and belles-lettres,[30] and later the subject of "the progress of opulence". On this latter topic, he first expounded his economic philosophy of "the obvious and simple system of natural liberty". While Smith was once now not adept at public speaking, his lectures met with success.[31]

In 1750, Smith met the thinker David Hume, who used to be his senior by greater than a decade. In their writings covering historical past, politics, philosophy, economics, and religion, Smith and Hume shared nearer highbrow and personal bonds than with different essential figures of the Scottish Enlightenment.[32]

In 1751, Smith earned a professorship at Glasgow University teaching good judgment courses, and in 1752, he was elected a member of the Philosophical Society of Edinburgh, having been offered to the society by Lord Kames. When the head of Moral Philosophy in Glasgow died the subsequent 12 months, Smith took over the position.[31] He worked as an educational for the next 13 years, which he characterised as "by far the most useful and therefore by far the happiest and most honorable period [of his life]".[33]

Smith printed The Theory of Moral Sentiments in 1759, embodying some of his Glasgow lectures. This paintings was once taken with how human morality is determined by sympathy between agent and spectator, or the person and other participants of society. Smith defined "mutual sympathy" as the foundation of ethical sentiments. He founded his rationalization, not on a distinct "moral sense" as the Third Lord Shaftesbury and Hutcheson had performed, nor on software as Hume did, but on mutual sympathy, a time period superb captured in trendy parlance by the 20th-century concept of empathy, the capability to recognise emotions which are being skilled through every other being.

François Quesnay, one of the leaders of the physiocratic faculty of idea

Following the newsletter of The Theory of Moral Sentiments, Smith was so popular that many wealthy scholars left their schools in other nations to join at Glasgow to be told beneath Smith.[34] After the publication of The Theory of Moral Sentiments, Smith began to give extra consideration to jurisprudence and economics in his lectures and less to his theories of morals.[35] For example, Smith lectured that the purpose of building up in nationwide wealth is labour, somewhat than the nation's amount of gold or silver, which is the basis for mercantilism, the financial concept that dominated Western European economic policies at the time.[36]

In 1762, the University of Glasgow conferred on Smith the identify of Doctor of Laws (LL.D.).[37] At the finish of 1763, he obtained an offer from Charles Townshend—who have been presented to Smith by way of David Hume—to tutor his stepson, Henry Scott, the young Duke of Buccleuch. Smith resigned from his professorship in 1764 to take the tutoring place. He therefore tried to go back the charges he had accrued from his students as a result of he had resigned partway via the term, but his scholars refused.[38]

Tutoring and travels

Smith's tutoring activity entailed touring Europe with Scott, all over which time he skilled Scott on a variety of topics, similar to etiquette and manners. He was once paid £300 according to year (plus bills) along side a £300 in keeping with yr pension; more or less two times his former income as a trainer.[38] Smith first travelled as a tutor to Toulouse, France, the place he stayed for a year and a part. According to his own account, he found Toulouse to be quite dull, having written to Hume that he "had begun to write a book to pass away the time".[38] After traveling the south of France, the group moved to Geneva, the place Smith met with the philosopher Voltaire.[39]

David Hume was a pal and fresh of Smith's.

From Geneva, the birthday party moved to Paris. Here, Smith met Benjamin Franklin, and discovered the Physiocracy college founded via François Quesnay.[40] Physiocrats were adversarial to mercantilism, the dominating economic theory of the time, illustrated of their motto Laissez faire et laissez passer, le monde va de lui même! (Let do and let move, the international goes on by itself!).

The wealth of France had been nearly depleted by way of Louis XIV[c] and Louis XV in ruinous wars,[d] and was additional exhausted in helping the American insurgents against the British. The over the top consumption of items and services and products deemed to don't have any financial contribution was regarded as a source of unproductive labour, with France's agriculture the handiest economic sector keeping up the wealth of the country. Given that the English economy of the day yielded an source of revenue distribution that stood by contrast to that which existed in France, Smith concluded that "with all its imperfections, [the Physiocratic school] is perhaps the nearest approximation to the truth that has yet been published upon the subject of political economy."[41] The difference between productive versus unproductive labour—the physiocratic classe steril—was once a predominant issue in the construction and working out of what would transform classical financial concept.

Later years

In 1766, Henry Scott's younger brother died in Paris, and Smith's tour as a tutor ended shortly thereafter.[42] Smith returned home that yr to Kirkcaldy, and he trustworthy much of the next decade to writing his magnum opus.[43] There, he befriended Henry Moyes, a young blind guy who confirmed precocious flair. Smith secured the patronage of David Hume and Thomas Reid in the younger guy's training.[44] In May 1773, Smith was once elected fellow of the Royal Society of London,[45] and was once elected a member of the Literary Club in 1775. The Wealth of Nations was published in 1776 and used to be an fast good fortune, promoting out its first version in most effective six months.[46]

In 1778, Smith was once appointed to a put up as commissioner of customs in Scotland and went to live together with his mother (who died in 1784)[47] in Panmure House in Edinburgh's Canongate.[48] Five years later, as a member of the Philosophical Society of Edinburgh when it received its royal charter, he mechanically become one of the founding contributors of the Royal Society of Edinburgh.[49] From 1787 to 1789, he occupied the honorary place of Lord Rector of the University of Glasgow.[50]

Death A commemorative plaque for Smith is located in Smith's home the town of Kirkcaldy.

Smith died in the northern wing of Panmure House in Edinburgh on 17 July 1790 after a painful illness. His body was once buried in the Canongate Kirkyard.[51] On his deathbed, Smith expressed unhappiness that he had now not achieved more.[52]

Smith's literary executors had been two buddies from the Scottish educational global: the physicist and chemist Joseph Black and the pioneering geologist James Hutton.[53] Smith left at the back of many notes and a few unpublished material, but gave directions to spoil anything that used to be no longer have compatibility for publication.[54] He mentioned an early unpublished History of Astronomy as more than likely appropriate, and it duly appeared in 1795, together with different subject matter similar to Essays on Philosophical Subjects.[53]

Smith's library went by way of his will to David Douglas, Lord Reston (son of his cousin Colonel Robert Douglas of Strathendry, Fife), who lived with Smith.[55] It used to be in the end divided between his two surviving youngsters, Cecilia Margaret (Mrs. Cunningham) and David Anne (Mrs. Bannerman). On the loss of life in 1878 of her husband, the Reverend W. B. Cunningham of Prestonpans, Mrs. Cunningham sold some of the books. The the rest passed to her son, Professor Robert Oliver Cunningham of Queen's College, Belfast, who introduced an element to the library of Queen's College. After his death, the ultimate books had been sold. On the demise of Mrs. Bannerman in 1879, her portion of the library went intact to the New College (of the Free Church) in Edinburgh and the assortment used to be transferred to the University of Edinburgh Main Library in 1972.

Personality and beliefs

Character James Tassie's tooth paste medallion of Smith supplied the type for plenty of engravings and portraits that stay nowadays.[56]

Not a lot is understood about Smith's private views past what can be deduced from his revealed articles. His private papers had been destroyed after his dying at his request.[54] He never married,[57] and turns out to have maintained a close courting together with his mom, with whom he lived after his go back from France and who died six years ahead of him.[58]

Smith was once described by way of a number of of his contemporaries and biographers as comically absent-minded, with extraordinary habits of speech and gait, and a smile of "inexpressible benignity".[59] He was identified to talk to himself,[52] a addiction that started all the way through his childhood when he would smile in rapt dialog with invisible partners.[60] He also had occasional spells of imaginary sickness,[52] and he's reported to have had books and papers placed in tall stacks in his learn about.[60] According to one tale, Smith took Charles Townshend on a excursion of a tanning factory, and whilst discussing free trade, Smith walked into an enormous tanning pit from which he wanted help to get away.[61] He could also be said to have put bread and butter right into a teapot, under the influence of alcohol the concoction, and declared it to be the worst cup of tea he ever had. According to every other account, Smith distractedly went out walking in his nightgown and ended up 15 miles (24 km) out of doors of town, sooner than nearby church bells introduced him back to truth.[60][61]

James Boswell, who used to be a student of Smith's at Glasgow University, and later knew him at the Literary Club, says that Smith thought that speaking about his concepts in dialog may scale back the sale of his books, so his dialog was once unimpressive. According to Boswell, he as soon as informed Sir Joshua Reynolds, that "he made it a rule when in company never to talk of what he understood".[62]

Portrait of Smith via John Kay, 1790

Smith has been however described as anyone who "had a large nose, bulging eyes, a protruding lower lip, a nervous twitch, and a speech impediment" and one whose "countenance was manly and agreeable".[21][63] Smith is alleged to have stated his seems to be at one level, announcing, "I am a beau in nothing but my books."[21] Smith infrequently sat for portraits,[64] so virtually all depictions of him created all the way through his lifetime had been drawn from reminiscence. The best-known portraits of Smith are the profile via James Tassie and two etchings through John Kay.[65] The line engravings produced for the covers of 19th-century reprints of The Wealth of Nations were founded in large part on Tassie's medallion.[66]

Religious perspectives

Considerable scholarly debate has passed off about the nature of Smith's non secular perspectives. Smith's father had proven a robust interest in Christianity and belonged to the average wing of the Church of Scotland.[67] The incontrovertible fact that Adam Smith gained the Snell Exhibition suggests that he will have long past to Oxford with the purpose of pursuing a profession in the Church of England.[68]

Anglo-American economist Ronald Coase has challenged the view that Smith used to be a deist, according to the incontrovertible fact that Smith's writings never explicitly invoke God as a proof of the harmonies of the herbal or the human worlds.[69] According to Coase, though Smith does once in a while refer to the "Great Architect of the Universe", later scholars reminiscent of Jacob Viner have "very much exaggerated the extent to which Adam Smith was committed to a belief in a personal God",[70] a trust for which Coase unearths little proof in passages reminiscent of the one in the Wealth of Nations in which Smith writes that the interest of mankind about the "great phenomena of nature", corresponding to "the generation, the life, growth, and dissolution of plants and animals", has led males to "enquire into their causes", and that "superstition first attempted to satisfy this curiosity, by referring all those wonderful appearances to the immediate agency of the gods. Philosophy afterwards endeavoured to account for them, from more familiar causes, or from such as mankind were better acquainted with than the agency of the gods".[70]

Some different authors argue that Smith's social and financial philosophy is inherently theological and that his whole fashion of social order is logically depending on the perception of God's motion in nature.[71]

Smith was additionally a close buddy of David Hume, who was once often characterised in his personal time as an atheist.[72] The newsletter in 1777 of Smith's letter to William Strahan, in which he described Hume's courage in the face of demise in spite of his irreligiosity, attracted considerable controversy.[73]

Published works

The Theory of Moral Sentiments Main article: The Theory of Moral Sentiments

In 1759, Smith published his first work, The Theory of Moral Sentiments, bought through co-publishers Andrew Millar of London and Alexander Kincaid of Edinburgh.[74] Smith persevered making in depth revisions to the e book until his loss of life.[e] Although The Wealth of Nations is extensively regarded as Smith's most influential paintings, Smith himself is thought to have considered The Theory of Moral Sentiments to be a superior paintings.[76]

In the work, Smith seriously examines the ethical pondering of his time, and suggests that moral sense arises from dynamic and interactive social relationships thru which people seek "mutual sympathy of sentiments."[77] His function in writing the paintings was to provide an explanation for the supply of mankind's skill to form moral judgment, given that people start life without a moral sentiments at all. Smith proposes a idea of sympathy, in which the act of staring at others and seeing the judgments they form of both others and oneself makes folks aware of themselves and how others perceive their behaviour. The feedback we obtain from perceiving (or imagining) others' judgment creates an incentive to succeed in "mutual sympathy of sentiments" with them and leads other people to expand habits, and then rules, of behaviour, which come to represent one's moral sense.[78]

Some students have perceived a warfare between The Theory of Moral Sentiments and The Wealth of Nations; the former emphasises sympathy for others, whilst the latter focuses on the position of self-interest.[79] In contemporary years, alternatively, some students[80][81][82] of Smith's paintings have argued that no contradiction exists. They claim that in The Theory of Moral Sentiments, Smith develops a idea of psychology in which folks seek the approval of the "impartial spectator" because of this of a herbal want to have outside observers sympathise with their sentiments. Rather than viewing The Theory of Moral Sentiments and The Wealth of Nations as presenting incompatible perspectives of human nature, some Smith scholars regard the works as emphasising other sides of human nature that vary relying on the scenario. Otteson argues that both books are Newtonian of their method and deploy a identical "market model" for explaining the creation and building of large-scale human social orders, together with morality, economics, as well as language.[83]Ekelund and Hebert be offering a differing view, staring at that self-interest is present in both works and that "in the former, sympathy is the moral faculty that holds self-interest in check, whereas in the latter, competition is the economic faculty that restrains self-interest."[84]

The Wealth of Nations Main article: The Wealth of Nations

Disagreement exists between classical and neoclassical economists about the central message of Smith's most influential paintings: An Inquiry into the Nature and Causes of the Wealth of Nations (1776). Neoclassical economists emphasise Smith's invisible hand,[85] an idea discussed in the heart of his work – Book IV, Chapter II – and classical economists consider that Smith said his programme for selling the "wealth of nations" in the first sentences, which attributes the growth of wealth and prosperity to the division of labour.

Smith used the time period "the invisible hand" in "History of Astronomy"[86] referring to "the invisible hand of Jupiter", and once in each of his The Theory of Moral Sentiments[87] (1759) and The Wealth of Nations[88] (1776). This remaining observation about "an invisible hand" has been interpreted in numerous tactics.

Later building on the web page the place Smith wrote The Wealth of Nations

As every person, subsequently, endeavours up to he can each to make use of his capital in the improve of domestic trade, and so to direct that industry that its produce might be of the greatest value; each and every particular person necessarily labours to render the annual income of the society as nice as he can. He generally, certainly, neither intends to promote the public curiosity, nor is aware of how much he is promoting it. By preferring the reinforce of domestic to that of foreign trade, he intends simplest his own safety; and via directing that business in such a way as its produce may be of the greatest price, he intends only his own acquire, and he's on this, as in lots of different instances, led via an invisible hand to promote an end which used to be no phase of his aim. Nor is it at all times the worse for the society that it was no phase of it. By pursuing his personal curiosity he frequently promotes that of the society extra effectually than when he truly intends to put it up for sale. I've by no means identified much excellent accomplished by means of those who affected to commerce for the public good. It is an affectation, certainly, no longer very common among traders, and only a few words need be hired in dissuading them from it.

Those who regard that commentary as Smith's central message additionally quote ceaselessly Smith's dictum:[89]

It isn't from the benevolence of the butcher, the brewer, or the baker, that we think our dinner, however from their regard to their very own curiosity. We deal with ourselves, no longer to their humanity but to their self-love, and not communicate to them of our personal prerequisites but of their benefits.

However, in The Theory of Moral Sentiments he had a more sceptical approach to self-interest as motive force of behaviour:

How selfish soever guy would possibly be meant, there are evidently some principles in his nature, which curiosity him in the fortune of others, and render their happiness essential to him, even though he derives not anything from it excluding the pleasure of seeing it.

The first page of The Wealth of Nations, 1776 London version

Smith's observation about the advantages of "an invisible hand" may be meant to resolutionMandeville's rivalry that "Private Vices ... may be turned into Public Benefits".[90] It presentations Smith's trust that once a person pursues his self-interest below conditions of justice, he unintentionally promotes the just right of society. Self-interested festival in the free market, he argued, would tend to get advantages society as an entire via conserving prices low, while nonetheless construction in an incentive for a wide variety of goods and services and products. Nevertheless, he was once cautious of businessmen and warned of their "conspiracy against the public or in some other contrivance to raise prices".[91] Again and again, Smith warned of the collusive nature of business pursuits, which may form cabals or monopolies, fixing the easiest price "which can be squeezed out of the buyers".[92] Smith also warned that a business-dominated political machine would permit a conspiracy of companies and industry in opposition to shoppers, with the former scheming to influence politics and legislation. Smith states that the interest of manufacturers and merchants "in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public ... The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention."[93] Thus Smith's chief worry seems to be when business is given particular protections or privileges from executive; against this, in the absence of such special political favours, he believed that business actions were generally beneficial to the whole society:

It is the great multiplication of the production of all the other arts, because of this of the division of labour, which events, in a well-governed society, that universal opulence which extends itself to the lowest ranks of the other folks. Every workman has a really perfect quantity of his personal work to dispose of past what he himself has instance for; and each and every different workman being exactly in the same state of affairs, he's enabled to alternate a perfect quantity of his own items for a really perfect amount, or, what comes to the similar thing, for the worth of a super quantity of theirs. He supplies them abundantly with what they have got instance for, and so they accommodate him as amply with what he has instance for, and a general masses diffuses itself thru all the other ranks of society. (The Wealth of Nations, I.i.10)

The neoclassical curiosity in Smith's statement about "an invisible hand" originates in the risk of seeing it as a precursor of neoclassical economics and its concept of common equilibrium – Samuelson's "Economics" refers six occasions to Smith's "invisible hand". To emphasise this connection, Samuelson[94] quotes Smith's "invisible hand" remark substituting "general interest" for "public interest". Samuelson[95] concludes: "Smith was unable to prove the essence of his invisible-hand doctrine. Indeed, until the 1940s, no one knew how to prove, even to state properly, the kernel of truth in this proposition about perfectly competitive market."

1922 printing of An Inquiry into the Nature and Causes of the Wealth of Nations

Very in a different way, classical economists see in Smith's first sentences his programme to promote "The Wealth of Nations". Using the physiocratical concept of the economy as a circular procedure, to protected enlargement the inputs of Period 2 will have to exceed the inputs of Period 1. Therefore, the ones outputs of Period 1 which don't seem to be used or usable as inputs of Period 2 are considered unproductive labour, as they do not give a contribution to enlargement. This is what Smith had heard in France from, amongst others, François Quesnay, whose ideas Smith was so impressed through that he may have dedicated The Wealth of Nations to him had he now not died beforehand.[96][97] To this French perception that unproductive labour must be decreased to use labour more productively, Smith added his personal proposal, that productive labour will have to be made even more productive via deepening the division of labour. Smith argued that deepening the division of labour below festival leads to better productivity, which leads to decrease costs and thus an increasing standard of dwelling—"general plenty" and "universal opulence"—for all. Extended markets and larger production lead to the continuous reorganisation of manufacturing and the invention of new ways of generating, which in flip lead to additional increased manufacturing, decrease costs, and improved requirements of residing. Smith's central message is, therefore, that underneath dynamic competition, a growth machine secures "The Wealth of Nations". Smith's argument predicted Britain's evolution as the workshop of the world, underselling and outproducing all its competitors. The opening sentences of the "Wealth of Nations" summarise this coverage:

The annual labour of every country is the fund which originally provides it with all the necessaries and conveniences of lifestyles which it every year consumes ... . [T]his produce ... bears a better or smaller share to the number of those that are to eat it ... .[B]ut this proportion should in every nation be regulated by two other circumstances;

first, by way of the ability, dexterity, and judgment with which its labour is generally carried out; and, secondly, through the percentage between the quantity of those who are hired in useful labour, and that of those that aren't so hired [emphasis added].[98]

However, Smith added that the "abundance or scantiness of this supply too seems to depend more upon the former of those two circumstances than upon the latter."[99]

Other works Smith's burial position in Canongate Kirkyard

Shortly sooner than his loss of life, Smith had just about all his manuscripts destroyed. In his remaining years, he gave the impression to had been planning two main treatises, one on the theory and history of legislation and one on the sciences and arts. The posthumously revealed Essays on Philosophical Subjects, a historical past of astronomy down to Smith's own generation, plus some thoughts on historical physics and metaphysics, most probably include parts of what would have been the latter treatise. Lectures on Jurisprudence have been notes taken from Smith's early lectures, plus an early draft of The Wealth of Nations, revealed as part of the 1976 Glasgow Edition of the works and correspondence of Smith. Other works, including some printed posthumously, include Lectures on Justice, Police, Revenue, and Arms (1763) (first published in 1896); and Essays on Philosophical Subjects (1795).[100]

Legacy

In economics and ethical philosophy

The Wealth of Nations was a precursor to the fashionable instructional self-discipline of economics. In this and other works, Smith expounded how rational self-interest and festival can lead to financial prosperity. Smith used to be debatable in his personal day and his general method and writing genre were continuously satirised by Tory writers in the moralising tradition of Hogarth and Swift, as a dialogue at the University of Winchester suggests.[101] In 2005, The Wealth of Nations used to be named among the 100 Best Scottish Books of all time.[102]

In gentle of the arguments put ahead by way of Smith and different economic theorists in Britain, educational trust in mercantilism started to decline in Britain in the overdue 18th century. During the Industrial Revolution, Britain embraced unfastened commerce and Smith's laissez-faire economics, and by means of the British Empire, used its energy to spread a extensively liberal financial style around the world, characterized by means of open markets, and reasonably barrier-free home and global trade.[103]

George Stigler attributes to Smith "the most important substantive proposition in all of economics". It is that, under competition, house owners of resources (for example labour, land, and capital) will use them most profitably, leading to an equivalent rate of return in equilibrium for all makes use of, adjusted for apparent variations arising from such elements as coaching, consider, hardship, and unemployment.[104]

Paul Samuelson finds in Smith's pluralist use of supply and insist as carried out to wages, rents, and profit a valid and treasured anticipation of the common equilibrium modelling of Walras a century later. Smith's allowance for salary increases in the quick and intermediate term from capital accumulation and invention contrasted with Malthus, Ricardo, and Karl Marx of their propounding a rigid subsistence–wage principle of labour provide.[105]

Joseph Schumpeter criticised Smith for an absence of technical rigour, but he argued that this enabled Smith's writings to enchantment to wider audiences: "His very limitation made for success. Had he been more brilliant, he would not have been taken so seriously. Had he dug more deeply, had he unearthed more recondite truth, had he used more difficult and ingenious methods, he would not have been understood. But he had no such ambitions; in fact he disliked whatever went beyond plain common sense. He never moved above the heads of even the dullest readers. He led them on gently, encouraging them by trivialities and homely observations, making them feel comfortable all along."[106]

Classical economists offered competing theories of those of Smith, termed the "labour theory of value". Later Marxian economics descending from classical economics additionally use Smith's labour theories, in part. The first quantity of Karl Marx's primary paintings, Das Kapital, was printed in German in 1867. In it, Marx focused on the labour principle of worth and what he regarded as to be the exploitation of labour by capital.[107][108] The labour idea of worth held that the value of a thing was decided by means of the labour that went into its manufacturing. This contrasts with the modern competition of neoclassical economics, that the worth of a thing is determined via what one is willing to surrender to download the factor.

The Adam Smith Theatre in Kirkcaldy

The body of principle later termed "neoclassical economics" or "marginalism" shaped from about 1870 to 1910. The time period "economics" was popularised through such neoclassical economists as Alfred Marshall as a concise synonym for "economic science" and an alternative choice to the previous, broader time period "political economy" used by means of Smith.[109][110] This corresponded to the influence on the matter of mathematical strategies used in the natural sciences.[111] Neoclassical economics systematised provide and demand as joint determinants of worth and amount in marketplace equilibrium, affecting each the allocation of output and the distribution of income. It disbursed with the labour idea of worth of which Smith was most famously identified with in classical economics, in favour of a marginal application concept of worth on the demand side and a extra general principle of prices on the supply aspect.[112]

The bicentennial anniversary of the newsletter of The Wealth of Nations used to be celebrated in 1976, leading to greater interest for The Theory of Moral Sentiments and his different works right through academia. After 1976, Smith was once more likely to be represented as the author of each The Wealth of Nations and The Theory of Moral Sentiments, and thereby as the founder of an ethical philosophy and the science of economics. His homo economicus or "economic man" was once also extra continuously represented as an ethical particular person. Additionally, economists David Levy and Sandra Peart in "The Secret History of the Dismal Science" level to his opposition to hierarchy and ideology in inequality, together with racial inequality, and provide further support for those who point to Smith's opposition to slavery, colonialism, and empire. They show the caricatures of Smith drawn by the combatants of perspectives on hierarchy and inequality in this online article. Emphasised also are Smith's statements of the need for high wages for the deficient, and the efforts to keep wages low. In The "Vanity of the Philosopher: From Equality to Hierarchy in Postclassical Economics", Peart and Levy also cite Smith's view that a not unusual street porter was once not intellectually inferior to a thinker,[113] and point to the want for higher appreciation of the public perspectives in discussions of science and different subjects now considered to be technical. They additionally cite Smith's opposition to the regularly expressed view that science is awesome to common sense.[114]

Smith also explained the dating between enlargement of personal property and civil govt:

Men might live together in society with some tolerable degree of safety, even though there is no civil magistrate to offer protection to them from the injustice of the ones passions. But avarice and ambition in the wealthy, in the poor the hatred of labour and the love of provide ease and enjoyment, are the passions which instructed to invade belongings, passions much more secure in their operation, and a lot more universal in their influence. Wherever there's nice property there is nice inequality. For one very rich guy there should be no less than 5 hundred poor, and the affluence of the few supposes the indigence of the many. The affluence of the rich excites the indignation of the poor, who are steadily both pushed by means of need, and brought about by envy, to invade his possessions. It is most effective under the safe haven of the civil magistrate that the owner of that precious belongings, which is bought via the labour of many years, or in all probability of many successive generations, can sleep a unmarried night in safety. He is all the time surrounded through unknown enemies, whom, though he by no means provoked, he can never appease, and from whose injustice he can be secure only by the tough arm of the civil magistrate continually held up to chastise it. The acquisition of treasured and in depth assets, due to this fact, essentially calls for the status quo of civil executive. Where there's no assets, or at least none that exceeds the value of two or three days' labour, civil govt is not so important. Civil government supposes a definite subordination. But as the necessity of civil government step by step grows up with the acquisition of valuable property, so the essential causes which naturally introduce subordination steadily develop up with the expansion of that valuable assets. (...) Men of inferior wealth mix to defend those of awesome wealth in the possession of their property, in order that men of awesome wealth may combine to defend them in the possession of theirs. All the inferior shepherds and herdsmen feel that the security of their own herds and flocks depends upon the security of those of the great shepherd or herdsman; that the maintenance of their lesser authority is determined by that of his greater authority, and that upon their subordination to him relies his power of keeping their inferiors in subordination to them. They represent a sort of little the Aristocracy, who feel themselves to defend the property and to improve the authority of their own little sovereign in order that he might be in a position to defend their assets and to support their authority. Civil executive, so far as it is instituted for the safety of belongings, is in fact instituted for the defence of the rich in opposition to the deficient, or of those that have some assets towards those who have none in any respect. (Source: The Wealth of Nations, Book 5, Chapter 1, Part 2)

In British imperial debates

Smith's chapter on colonies, in turn, would lend a hand form British imperial debates from the mid-Nineteenth century onward. The Wealth of Nations would develop into an ambiguous text regarding the imperial question. In his bankruptcy on colonies, Smith pondered how to resolve the disaster developing across the Atlantic among the empire's 13 American colonies. He presented two other proposals for relieving tensions. The first proposal called for giving the colonies their independence, and by means of thus parting on a friendly foundation, Britain would be able to expand and care for a free-trade relationship with them, and possibly even a casual military alliance. Smith's 2d proposal known as for a theoretical imperial federation that would bring the colonies and the metropole closer together thru an imperial parliamentary system and imperial free trade.[115]

Smith's most distinguished disciple in 19th-century Britain, peace advocate Richard Cobden, preferred the first proposal. Cobden would lead the Anti-Corn Law League in overturning the Corn Laws in 1846, moving Britain to a policy of loose commerce and empire "on the cheap" for decades to come. This hands-off method toward the British Empire would change into referred to as Cobdenism or the Manchester School.[116] By the flip of the century, on the other hand, advocates of Smith's 2d proposal corresponding to Joseph Shield Nicholson would turn into ever more vocal in opposing Cobdenism, calling as an alternative for imperial federation.[117] As Marc-William Palen notes: "On the one hand, Adam Smith's late nineteenth and early twentieth-century Cobdenite adherents used his theories to argue for gradual imperial devolution and empire 'on the cheap'. On the other, various proponents of imperial federation throughout the British World sought to use Smith's theories to overturn the predominant Cobdenite hands-off imperial approach and instead, with a firm grip, bring the empire closer than ever before."[118] Smith's ideas thus played crucial part in next debates over the British Empire.

Portraits, monuments, and banknotes A statue of Smith in Edinburgh's High Street, erected via non-public donations organised by way of the Adam Smith Institute

Smith has been commemorated in the UK on banknotes printed by two different banks; his portrait has seemed since 1981 on the £50 notes issued by way of the Clydesdale Bank in Scotland,[119][120] and in March 2007 Smith's symbol also appeared on the new series of £20 notes issued by the Bank of England, making him the first Scotsman to characteristic on an English banknote.[121]

Statue of Smith inbuilt 1867–1870 at the outdated headquarters of the University of London, 6 Burlington Gardens

A large-scale memorial of Smith through Alexander Stoddart was once unveiled on 4 July 2008 in Edinburgh. It is a 10-foot (3.0 m)-tall bronze sculpture and it stands above the Royal Mile out of doors St Giles' Cathedral in Parliament Square, near the Mercat cross.[122] Twentieth-century sculptor Jim Sanborn (excellent recognized for the Kryptos sculpture at the United States Central Intelligence Agency) has created a couple of items which function Smith's paintings. At Central Connecticut State University is Circulating Capital, a tall cylinder which options an extract from The Wealth of Nations on the decrease half, and on the higher half, some of the similar textual content, however represented in binary code.[123] At the University of North Carolina at Charlotte, outdoor the Belk College of Business Administration, is Adam Smith's Spinning Top.[124][125] Another Smith sculpture is at Cleveland State University.[126] He also seems as the narrator in the 2013 play The Low Road, centred on a proponent on laissez-faire economics in the late 18th century, however dealing obliquely with the monetary disaster of 2007–2008 and the recession which adopted; in the premiere manufacturing, he was portrayed by way of Bill Paterson.

A bust of Smith is in the Hall of Heroes of the National Wallace Monument in Stirling.

Residence

Adam Smith resided at Panmure House from 1778 to 1790. This residence has now been purchased through the Edinburgh Business School at Heriot-Watt University and fundraising has begun to repair it.[127][128] Part of the Northern end of the authentic development seems to had been demolished in the 19th century to make way for an iron foundry.

As a logo of free-market economics Adam Smith's Spinning Top, sculpture through Jim Sanborn at Cleveland State University

Smith has been celebrated by way of advocates of free-market policies as the founder of free-market economics, a view mirrored in the naming of bodies reminiscent of the Adam Smith Institute in London, more than one entities known as the "Adam Smith Society", together with an ancient Italian group,[129] and the U.S.-based Adam Smith Society,[130][131] and the Australian Adam Smith Club,[132] and in phrases corresponding to the Adam Smith necktie.[133]

Alan Greenspan argues that, whilst Smith didn't coin the time period laissez-faire, "it was left to Adam Smith to identify the more-general set of principles that brought conceptual clarity to the seeming chaos of market transactions". Greenspan continues that The Wealth of Nations was once "one of the great achievements in human intellectual history".[134]P.J. O'Rourke describes Smith as the "founder of free market economics".[135]

Other writers have argued that Smith's enhance for laissez-faire (which in French method depart by myself) has been overstated. Herbert Stein wrote that the individuals who "wear an Adam Smith necktie" do it to "make a statement of their devotion to the idea of free markets and limited government", and that this misrepresents Smith's ideas. Stein writes that Smith "was not pure or doctrinaire about this idea. He viewed government intervention in the market with great skepticism...yet he was prepared to accept or propose qualifications to that policy in the specific cases where he judged that their net effect would be beneficial and would not undermine the basically free character of the system. He did not wear the Adam Smith necktie." In Stein's reading, The Wealth of Nations may just justify the Food and Drug Administration, the Consumer Product Safety Commission, obligatory employer well being advantages, environmentalism, and "discriminatory taxation to deter improper or luxurious behavior".[136]

Similarly, Vivienne Brown said in The Economic Journal that in the Twentieth-century United States, Reaganomics supporters, The Wall Street Journal, and different equivalent resources have spread among the normal public a partial and deceptive imaginative and prescient of Smith, portraying him as an "extreme dogmatic defender of laissez-faire capitalism and supply-side economics".[137] In truth, The Wealth of Nations includes the following statement on the fee of taxes:

The subjects of each state ought to contribute towards the toughen of the government, as just about as imaginable, in share to their respective skills; that is, in proportion to the earnings which they respectively experience beneath the protection of the state.[138]

Some commentators have argued that Smith's works show fortify for a modern, no longer flat, source of revenue tax and that he in particular named taxes that he thought will have to be required by the state, among them luxury-goods taxes and tax on lease.[139] Yet Smith argued for the "impossibility of taxing the people, in proportion to their economic revenue, by any capitation" (The Wealth of Nations, V.ii.ok.1). Smith argued that taxes should principally go towards protecting "justice" and "certain publick institutions" that had been essential for the receive advantages of all of society, but that would not be equipped through private enterprise (The Wealth of Nations, IV.ix.51).

Additionally, Smith outlined the correct expenses of the executive in The Wealth of Nations, Book V, Ch. I. Included in his requirements of a central authority is to put in force contracts and provide justice machine, grant patents and replica rights, provide public items comparable to infrastructure, provide nationwide defence, and regulate banking. The function of the government was to supply items "of such a nature that the profit could never repay the expense to any individual" corresponding to roads, bridges, canals, and harbours. He also encouraged invention and new ideas through his patent enforcement and improve of toddler industry monopolies. He supported partial public subsidies for basic training, and he believed that festival amongst non secular institutions would supply general get advantages to the society. In such cases, however, Smith argued for local quite than centralised regulate: "Even those publick works which are of such a nature that they cannot afford any revenue for maintaining themselves ... are always better maintained by a local or provincial revenue, under the management of a local and provincial administration, than by the general revenue of the state" (Wealth of Nations, V.i.d.18). Finally, he outlined how the govt should make stronger the dignity of the monarch or leader magistrate, such that they're equivalent or above the public in fashion. He even states that monarchs will have to be equipped for in a greater style than magistrates of a republic as a result of "we naturally expect more splendor in the court of a king than in the mansion-house of a doge".[140] In addition, he allowed that during some particular instances, retaliatory price lists might be advisable:

The recovery of a perfect overseas marketplace will typically more than compensate the transitory inconvenience of paying costlier all through a short time for some varieties of goods.[141]

However, he added that usually, a retaliatory tariff "seems a bad method of compensating the injury done to certain classes of our people, to do another injury ourselves, not only to those classes, but to almost all the other classes of them" (The Wealth of Nations, IV.ii.39).

Economic historians akin to Jacob Viner regard Smith as a powerful advocate of loose markets and restricted executive (what Smith referred to as "natural liberty"), but now not as a dogmatic supporter of laissez-faire.[142]

Economist Daniel Klein believes using the time period "free-market economics" or "free-market economist" to identify the ideas of Smith is too general and somewhat deceptive. Klein gives six traits central to the identification of Smith's economic thought and argues that a new title is needed to give a extra accurate depiction of the "Smithian" identity.[143][144] Economist David Ricardo set instantly some of the misunderstandings about Smith's ideas on unfastened marketplace. Most folks nonetheless fall sufferer to the thinking that Smith was a free-market economist without exception, although he used to be no longer. Ricardo pointed out that Smith was in support of serving to infant industries. Smith believed that the govt should subsidise newly shaped business, however he did fear that when the toddler industry grew into adulthood, it would be unwilling to give up the government assist.[145] Smith also supported tariffs on imported items to counteract an internal tax on the same just right. Smith additionally fell to pressure in supporting some price lists in beef up for national defence.[145]

Some have also claimed, Emma Rothschild amongst them, that Smith would have supported a minimal salary,[146] despite the fact that no direct textual evidence helps the claim. Indeed, Smith wrote:

The price of labour, it should be seen, can't be ascertained very correctly any place, different costs being frequently paid at the identical place and for the identical sort of labour, not only in accordance to the other skills of the workmen, however according to the easiness or hardness of the masters. Where wages aren't regulated through legislation, all that we can faux to determine is what are the most same old; and experience seems to show that regulation can by no means control them correctly, even though it has often pretended to do so. (The Wealth of Nations, Book 1, Chapter 8)

However, Smith also famous, to the contrary, the lifestyles of an imbalanced, inequality of bargaining power:[147]

A landlord, a farmer, a grasp manufacturer, a merchant, although they did not employ a single workman, may just generally reside a year or two upon the shares which they have got already bought. Many workmen could not subsist a week, few could subsist a month, and scarce any a yr with out employment. In the long run, the workman may be as vital to his grasp as his master is to him, however the necessity is not so fast.

Criticism

Alfred Marshall criticised Smith's definition of the economy on a number of points. He argued that guy must be similarly vital as money, services and products are as necessary as items, and that there should be an emphasis on human welfare, as an alternative of just wealth. The "invisible hand" handiest works well when each production and intake operates in free markets, with small ("atomistic") manufacturers and customers allowing supply and demand to range and equilibrate. In prerequisites of monopoly and oligopoly, the "invisible hand" fails.

Nobel Prize-winning economist Joseph E. Stiglitz says, on the subject of one of Smith's better-known concepts: "the reason that the invisible hand often seems invisible is that it is often not there."[148]

See also

Organizational capital List of abolitionist forerunners List of Fellows of the Royal Society of Arts People on Scottish banknotes

References

Informational notes ^ Smith is known as a North Briton and Scot.[5] ^ In Life of Adam Smith, Rae writes: "In his fourth year, while on a visit to his grandfather's house at Strathendry on the banks of the Leven, [Smith] was stolen by a passing band of gypsies, and for a time could not be found. But presently a gentleman arrived who had met a Romani woman a few miles down the road carrying a child that was crying piteously. Scouts were immediately dispatched in the direction indicated, and they came upon the woman in Leslie wood. As soon as she saw them she threw her burden down and escaped, and the child was brought back to his mother. [Smith] would have made, I fear, a poor gypsy."[15] ^ During the reign of Louis XIV, the inhabitants shriveled by means of Four million and agricultural productiveness used to be diminished by means of one-third while the taxes had higher. Cusminsky, Rosa, de Cendrero, 1967, Los Fisiócratas, Buenos Aires: Centro Editor de América Latina, p. 6 ^ 1701–1714 War of the Spanish Succession, 1688–1697 War of the Grand Alliance, 1672–1678 Franco-Dutch War, 1667–1668 War of Devolution, 1618–1648 Thirty Years' War ^ The 6 editions of The Theory of Moral Sentiments have been published in 1759, 1761, 1767, 1774, 1781, and 1790, respectively.[75] Citations ^ a b .mw-parser-output cite.citationfont-style:inherit.mw-parser-output .quotation qquotes:"\"""\"""'""'".mw-parser-output .id-lock-free a,.mw-parser-output .quotation .cs1-lock-free abackground:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration abackground:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")correct 0.1em heart/9px no-repeat.mw-parser-output .id-lock-subscription a,.mw-parser-output .quotation .cs1-lock-subscription abackground:linear-gradient(clear,transparent),url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")correct 0.1em heart/9px no-repeat.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registrationcolour:#555.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration spanborder-bottom:1px dotted;cursor:lend a hand.mw-parser-output .cs1-ws-icon abackground:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")appropriate 0.1em heart/12px no-repeat.mw-parser-output code.cs1-codecolor:inherit;background:inherit;border:none;padding:inherit.mw-parser-output .cs1-hidden-errorshow:none;font-size:100%.mw-parser-output .cs1-visible-errorfont-size:100%.mw-parser-output .cs1-maintdisplay:none;color:#33aa33;margin-left:0.3em.mw-parser-output .cs1-formatfont-size:95%.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-leftpadding-left:0.2em.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-rightpadding-right:0.2em.mw-parser-output .quotation .mw-selflinkfont-weight:inherit"Adam Smith (1723–1790)". BBC. Adam Smith's actual date of beginning is unknown, but he used to be baptised on 5 June 1723. ^ Nevin, Seamus (2013). "Richard Cantillon: The Father of Economics". History Ireland. 21 (2): 20–23. JSTOR 41827152. ^ Billington, James H. (1999). Fire in the Minds of Men: Origins of the Revolutionary Faith. Transaction Publishers. p. 302. ^ Stedman Jones, Gareth (2006). "Saint-Simon and the Liberal origins of the Socialist critique of Political Economy". In Aprile, Sylvie; Bensimon, Fabrice (eds.). La France et l'Angleterre au XIXe siècle. Échanges, représentations, comparaisons. Créaphis. pp. 21–47. ^ Williams, Gwydion M. (2000). Adam Smith, Wealth Without Nations. London: Athol Books. p. 59. ISBN 978-0-85034-084-6. ^ "BBC – History – Scottish History". www.bbc.co.uk. ^ Brown, Vivienne (5 December 2008). "Mere Inventions of the Imagination': A Survey of Recent Literature on Adam Smith". Cambridge University Press. 13 (2): 281–312. doi:10.1017/S0266267100004521. Retrieved 20 July 2020. Berry, Christopher J. (2018). Adam Smith Very Short Introductions Series. Oxford University Press. p. 101. ISBN 978-0-198-78445-6. Sharma, Rakesh. "Adam Smith: The Father of Economics". Investopedia. Retrieved 20 February 2019. ^ "Adam Smith: Father of Capitalism". www.bbc.co.uk. Retrieved 20 February 2019. Bassiry, G. R.; Jones, Marc (1993). "Adam Smith and the ethics of contemporary capitalism". Journal of Business Ethics. 12 (1026): 621–627. doi:10.1007/BF01845899. S2CID 51746709. Newbert, Scott L. (30 November 2017). "Lessons on social enterprise from the father of capitalism: A dialectical analysis of Adam Smith". Academy of Management Journal. 2016 (1): 12046. doi:10.5465/ambpp.2016.12046abstract. ISSN 2151-6561. Rasmussen, Dennis C. (28 August 2017). The Infidel and the Professor: David Hume, Adam Smith, and the Friendship That Shaped Modern Thought. Princeton University Press. p. 12. ISBN 978-1-400-88846-7. ^ "Absolute Advantage – Ability to Produce More than Anyone Else". Corporate Finance Institute. Retrieved 20 February 2019. ^ "Adam Smith: Biography on Undiscovered Scotland". www.undiscoveredscotland.co.uk. Retrieved 30 July 2019. ^ John, McMurray (19 March 2017). "Capitalism's 'Founding Father' Often Quoted, Frequently Misconstrued". Investor.com. Retrieved 31 May 2019. ^ a b Rae 1895, p. 1 ^ Bussing-Burks 2003, pp. 38–39 ^ Buchan 2006, p. 12 ^ a b c Rae 1895, p. 5 ^ "Fife Place-name Data :: Strathenry". fife-placenames.glasgow.ac.united kingdom. ^ a b c Bussing-Burks 2003, p. 39 ^ Buchan 2006, p. 22 ^ Bussing-Burks 2003, p. 41 ^ Rae 1895, p. 24 ^ a b c d Buchholz 1999, p. 12 ^ Introductory Economics. New Age Publishers. December 2006. p. 4. ISBN 81-224-1830-9. ^ Rae 1895, p. 22 ^ Rae 1895, pp. 24–25 ^ a b Bussing-Burks 2003, p. 42 ^ Buchan 2006, p. 29 ^ Scott, W. R. "The Never to Be Forgotten Hutcheson: Excerpts from W. R. Scott," Econ Journal Watch 8(1): 96–109, January 2011.[1] Archived 28 December 2013 at the Wayback Machine ^ "Adam Smith". Biography. Retrieved 30 July 2019. ^ Rae 1895, p. 30 ^ Smith, A. ([1762] 1985). Lectures on Rhetoric and Belles Lettres [1762]. vol. IV of the Glasgow Edition of the Works and Correspondence of Adam Smith (Indianapolis: Liberty Fund, 1984). Retrieved 16 February 2012 ^ a b Bussing-Burks 2003, p. 43 ^ Winch, Donald (September 2004). "Smith, Adam (bap. 1723, d. 1790)". Dictionary of National Biography. Oxford University Press. ^ Rae 1895, p. 42 ^ Buchholz 1999, p. 15 ^ Buchan 2006, p. 67 ^ Buchholz 1999, p. 13 ^ "MyGlasgow – Archive Services – Exhibitions – Adam Smith in Glasgow – Photo Gallery – Honorary degree". University of Glasgow. Retrieved 6 November 2018. ^ a b c Buchholz 1999, p. 16 ^ Buchholz 1999, pp. 16–17 ^ Buchholz 1999, p. 17 ^ Smith, A., 1976, The Wealth of Nations edited through R. H. Campbell and A. S. Skinner, The Glasgow version of the Works and Correspondence of Adam Smith, vol. 2b, p. 678. ^ Buchholz 1999, p. 18 ^ Buchan 2006, p. 90 ^ Dr James Currie to Thomas Creevey, 24 February 1793, Lpool RO, Currie MS 920 CUR ^ Buchan 2006, p. 89 ^ Buchholz 1999, p. 19 ^ Durant, Will; Durant, Ariel (1 July 1967). The Story of Civilization: Rousseau and Revolution. MJF Books. ISBN 1567310214. ^ Buchan 2006, p. 128 ^ Buchan 2006, p. 133 ^ Buchan 2006, p. 137 ^ Buchan 2006, p. 145 ^ a b c Bussing-Burks 2003, p. 53 ^ a b Buchan 2006, p. 25 ^ a b Buchan 2006, p. 88 ^ Bonar, James, ed. (1894). "Adam Smith's Will". A Catalogue of the Library of Adam Smith. London: Macmillan. pp. XIV. OCLC 2320634. Retrieved 13 May 2018 – via Internet Archive. ^ Bonar 1895, pp. xx–xxiv harvnb error: no goal: CITEREFBonar1895 (help) ^ Buchan 2006, p. 11 ^ Buchan 2006, p. 134 ^ Rae 1895, p. 262 ^ a b c Skousen 2001, p. 32 ^ a b Buchholz 1999, p. 14 ^ Boswell's Life of Samuel Johnson, 1780. ^ Ross 2010, p. 330 ^ Stewart, Dugald (1853). The Works of Adam Smith: With An Account of His Life and Writings. London: Henry G. Bohn. lxix. OCLC 3226570. ^ Rae 1895, pp. 376–77 ^ Bonar 1895, p. xxi harvnb error: no target: CITEREFBonar1895 (help) ^ Ross 1995, p. 15 ^ "Times obituary of Adam Smith". The Times. 24 July 1790. ^ Coase 1976, pp. 529–46 ^ a b Coase 1976, p. 538 ^ Hill, L. (2001). "The hidden theology of Adam Smith". The European Journal of the History of Economic Thought. 8: 1–29. doi:10.1080/713765225. S2CID 154571991. ^ "Hume on Religion". Stanford Encyclopedia of Philosophy. Retrieved 26 May 2008. ^ Eric Schliesser (2003). "The Obituary of a Vain Philosopher: Adam Smith's Reflections on Hume's Life" (PDF). Hume Studies. 29 (2): 327–62. Archived from the unique (PDF) on 7 June 2012. Retrieved 27 May 2012. ^ "Andrew Millar Project, University of Edinburgh". millar-project.ed.ac.united kingdom. Retrieved 3 June 2016. ^ Adam Smith, Glasgow Edition of the Works and Correspondence Vol. 1 The Theory of Moral Sentiments [1759]. ^ Rae 1895 ^ Falkner, Robert (1997). "Biography of Smith". Liberal Democrat History Group. Archived from the authentic on 11 June 2008. Retrieved 14 May 2008. ^ Smith 2002, p. xv ^ Viner 1991, p. 250 ^ Wight, Jonathan B. Saving Adam Smith. Upper Saddle River: Prentic-Hall, Inc., 2002. ^ Robbins, Lionel. A History of Economic Thought. Princeton: Princeton University Press, 1998. ^ Brue, Stanley L., and Randy R. Grant. The Evolution of Economic Thought. Mason: Thomson Higher Education, 2007. ^ Otteson, James R. 2002, Adam Smith's Marketplace of Life. Cambridge: Cambridge University Press, 2002. ^ Ekelund, R. & Hebert, R. 2007, A History of Economic Theory and Method 5th Edition. Waveland Press, United States, p. 105. ^ Smith, A., 1976, The Wealth of Nations edited through R. H. Campbell and A. S. Skinner, The Glasgow version of the Works and Correspondence of Adam Smith, vol. 2a, p. 456. ^ Smith, A., 1980, The Glasgow version of the Works and Correspondence of Adam Smith, vol. 3, p. 49, edited through W. P. D. Wightman and J. C. Bryce, Oxford: Clarendon Press. ^ Smith, A., 1976, The Glasgow version of the Works and Correspondence of Adam Smith, vol. 1, pp. 184–85, edited via D. D. Raphael and A. L. Macfie, Oxford: Clarendon Press. ^ Smith, A., 1976, The Glasgow edition of the Works and Correspondence of Adam Smith, vol. 2a, p. 456, edited by means of R. H. Cambell and A. S. Skinner, Oxford: Clarendon Press. ^ Smith, A., 1976, The Glasgow version, vol. 2a, pp. 26–27. ^ Mandeville, B., 1724, The Fable of the Bees, London: Tonson. ^ Smith, A., 1976, The Glasgow version, vol. 2a, pp. 145, 158. ^ Smith, A., 1976, The Glasgow edition, vol. 2a, p. 79. ^ Gopnik, Adam. "Market Man". The New Yorker (18 October 2010): 82. Retrieved 27 April 2011. ^ Samuelson, P. A./Nordhaus, William D., 1989, Economics, thirteenth version, N.Y. et al.: McGraw-Hill, p. 825. ^ Samuelson, P. A./Nordhaus, William D., 1989, idem, p. 825. ^ Buchan 2006, p. 80 ^ Stewart, D., 1799, Essays on Philosophical Subjects, to which is prefixed An Account of the Life and Writings of the Author through Dugald Steward, F.R.S.E., Basil; from the Transactions of the Royal Society of Edinburgh, Read via M. Steward, 21 January, and 18 March 1793; in: The Glasgow edition of the Works and Correspondence of Adam Smith, 1982, vol. 3, pp. 304 ff. ^ Smith, A., 1976, vol. 2a, p. 10, idem ^ Smith, A., 1976, vol. 1, p. 10, para. 4 ^ The Glasgow edition of the Works and Correspondence of Adam Smith, 1982, 6 volumes ^ "Adam Smith – Jonathan Swift". University of Winchester. Archived from the unique on 28 November 2009. Retrieved 11 February 2010. ^ 100 Best Scottish Books, Adam Smith Retrieved 31 January 2012 ^ L.Seabrooke (2006). "Global Standards of Market Civilization". p. 192. Taylor & Francis 2006 ^ Stigler, George J. (1976). "The Successes and Failures of Professor Smith," Journal of Political Economy, 84(6), pp. 1199–213, 1202. Also published as Selected Papers, No. 50 (PDF), Graduate School of Business, University of Chicago. ^ Samuelson, Paul A. (1977). "A Modern Theorist's Vindication of Adam Smith," American Economic Review, 67(1), p. 42. Reprinted in J.C. Wood, ed., Adam Smith: Critical Assessments, pp. 498–509. Preview. ^ Schumpeter History of Economic Analysis. New York: Oxford University Press. p. 185. ^ Roemer, J.E. (1987). "Marxian Value Analysis". The New Palgrave: A Dictionary of Economics, v. 3, 383. ^ Mandel, Ernest (1987). "Marx, Karl Heinrich", The New Palgrave: A Dictionary of Economics v. 3, pp. 372, 376. ^ Marshall, Alfred; Marshall, Mary Paley (1879). The Economics of Industry. p. 2. ISBN 9781855065475. ^ Jevons, W. Stanley (1879). The Theory of Political Economy (2d ed.). p. xiv. ^ Clark, B. (1998). Political-economy: A comparative method, 2d ed., Westport, CT: Praeger. p. 32. ^ Campos, Antonietta (1987). "Marginalist Economics", The New Palgrave: A Dictionary of Economics, v. 3, p. 320 ^ Smith 1977, §Book I, Chapter 2 ^ "The Vanity of the Philosopher: From Equality to Hierarchy" in Postclassical Economics [2] Archived 4 October 2012 at the Wayback Machine ^ E.A. Benians, 'Adam Smith's assignment of an empire', Cambridge Historical Journal 1 (1925): 249–83 ^ Anthony Howe, Free trade and liberal England, 1846–1946 (Oxford, 1997) ^ J. Shield Nicholson, A assignment of empire: a crucial find out about of the economics of imperialism, with particular reference to the concepts of Adam Smith (London, 1909) ^ Marc-William Palen, "Adam Smith as Advocate of Empire, c. 1870–1932," Historical Journal 57: 1 (March 2014): 179–98. ^ "Clydesdale 50 Pounds, 1981". Ron Wise's Banknoteworld. Archived from the authentic on 30 October 2008. Retrieved 15 October 2008. ^ "Current Banknotes : Clydesdale Bank". The Committee of Scottish Clearing Bankers. Archived from the unique on 3 October 2008. Retrieved 15 October 2008. ^ "Smith replaces Elgar on £20 note". BBC. 29 October 2006. Archived from the original on 24 March 2007. Retrieved 14 May 2008. ^ Blackley, Michael (26 September 2007). "Adam Smith sculpture to tower over Royal Mile". Edinburgh Evening News. ^ Fillo, Maryellen (13 March 2001). "CCSU welcomes a new kid on the block". The Hartford Courant. ^ Kelley, Pam (20 May 1997). "Piece at UNCC is a puzzle for Charlotte, artist says". The Charlotte Observer. ^ Shaw-Eagle, Joanna (1 June 1997). "Artist sheds new light on sculpture". The Washington Times. ^ "Adam Smith's Spinning Top". Ohio Outdoor Sculpture Inventory. Archived from the authentic on 5 February 2005. Retrieved 24 May 2008. ^ "The restoration of Panmure House". Archived from the original on 22 January 2012. ^ "Adam Smith's Home Gets Business School Revival". Bloomberg. ^ "The Adam Smith Society". The Adam Smith Society. Archived from the authentic on 21 July 2007. Retrieved 24 May 2008. ^ Choi, Amy (4 March 2014). "Defying Skeptics, Some Business Schools Double Down on Capitalism". Bloomberg Business News. Retrieved 24 February 2015. ^ "Who We Are: The Adam Smith Society". April 2016. Retrieved 2 February 2019. ^ "The Australian Adam Smith Club". Adam Smith Club. Archived from the unique on 9 May 2010. Retrieved 12 October 2008. ^ Levy, David (June 1992). "Interview with Milton Friedman". Federal Reserve Bank of Minneapolis. Retrieved 1 September 2008. ^ "FRB: Speech, Greenspan – Adam Smith – 6 February 2005". Archived from the authentic on 12 May 2008. Retrieved 31 May 2008. ^ "Adam Smith: Web Junkie". Forbes. 5 July 2007. Archived from the original on 20 May 2008. Retrieved 10 June 2008. ^ Stein, Herbert (6 April 1994). "Board of Contributors: Remembering Adam Smith". The Wall Street Journal Asia: A14. ^ Brown, Vivienne; Pack, Spencer J.; Werhane, Patricia H. (January 1993). "Untitled review of 'Capitalism as a Moral System: Adam Smith's Critique of the Free Market Economy' and 'Adam Smith and his Legacy for Modern Capitalism'". The Economic Journal. 103 (416): 230–32. doi:10.2307/2234351. JSTOR 2234351. ^ Smith 1977, bk. V, ch. 2 ^ "Market Man". The New Yorker. 18 October 2010. ^ Smith 1977, bk. V ^ Smith, A., 1976, The Glasgow version, vol. 2a, p. 468. ^ Viner, Jacob (April 1927). "Adam Smith and Laissez-faire". The Journal of Political Economy. 35 (2): 198–232. doi:10.1086/253837. JSTOR 1823421. S2CID 154539413. ^ Klein, Daniel B. (2008). "Toward a Public and Professional Identity for Our Economics". Econ Journal Watch. 5 (3): 358–72. Archived from the unique on 28 December 2013. Retrieved 10 February 2010. ^ Klein, Daniel B. (2009). "Desperately Seeking Smithians: Responses to the Questionnaire about Building an Identity". Econ Journal Watch. 6 (1): 113–80. Archived from the unique on 28 December 2013. Retrieved 10 February 2010. ^ a b Buchholz, Todd (December 1990). pp. 38–39. ^ Martin, Christopher. "Adam Smith and Liberal Economics: Reading the Minimum Wage Debate of 1795–96," Econ Journal Watch 8(2): 110–25, May 2011 [3] Archived 28 December 2013 at the Wayback Machine ^ A Smith, Wealth of Nations (1776) Book I, ch 8 ^ The Roaring Nineties, 2006 Bibliography Benians, E. 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A task of empire;a crucial learn about of the economics of imperialism, with particular reference to the concepts of Adam Smith. hdl:2027/uc2.ark:/13960/t4th8nc9p. Otteson, James R. (2002). Adam Smith's Marketplace of Life. Cambridge: Cambridge University Press. ISBN 0-521-01656-8 Palen, Marc-William (2014). "ADAM SMITH AS ADVOCATE OF EMPIRE, c. 1870–1932" (PDF). The Historical Journal. 57: 179–198. doi:10.1017/S0018246X13000101. S2CID 159524069. Rae, John (1895). Life of Adam Smith. London & New York: Macmillan. ISBN 0-7222-2658-6. Retrieved 14 May 2018 – by way of Internet Archive. Ross, Ian Simpson (1995). The Life of Adam Smith. Oxford University Press. ISBN 0-19-828821-2. Ross, Ian Simpson (2010). The Life of Adam Smith (2 ed.). Oxford University Press. Skousen, Mark (2001). The Making of Modern Economics: The Lives and Ideas of Great Thinkers. M.E. Sharpe. ISBN 0-7656-0480-9. Smith, Adam (1977) [1776]. An Inquiry into the Nature and Causes of the Wealth of Nations. University of Chicago Press. ISBN 0-226-76374-9. Smith, Adam (1982) [1759]. D.D. Raphael and A.L. Macfie (ed.). The Theory of Moral Sentiments. Liberty Fund. ISBN 0-86597-012-2. Smith, Adam (2002) [1759]. Knud Haakonssen (ed.). The Theory of Moral Sentiments. Cambridge University Press. ISBN 0-521-59847-8. Smith, Vernon L. (July 1998). "The Two Faces of Adam Smith". Southern Economic Journal. 65 (1): 2–19. doi:10.2307/1061349. JSTOR 1061349. S2CID 154002759. Tribe, Keith; Mizuta, Hiroshi (2002). A Critical Bibliography of Adam Smith. Pickering & Chatto. ISBN 978-1-85196-741-4. Viner, Jacob (1991). Douglas A. Irwin (ed.). Essays on the Intellectual History of Economics. Princeton, NJ: Princeton University Press. ISBN 0-691-04266-7.

Further reading

Wikisource has the textual content of A Short Biographical Dictionary of English Literature's article about Smith, Adam.Library sources about Adam Smith Resources on your library Resources in other libraries By Adam Smith Resources in your library Resources in other libraries Butler, Eamonn (2007). Adam Smith – A Primer. Institute of Economic Affairs. ISBN 978-0-255-36608-3. Cook, Simon J. (2012). "Culture & Political Economy: Adam Smith & Alfred Marshall". Tabur. Copley, Stephen (1995). Adam Smith's Wealth of Nations: New Interdisciplinary Essays. Manchester University Press. ISBN 0-7190-3943-6. Glahe, F. (1977). Adam Smith and the Wealth of Nations: 1776–1976. University Press of Colorado. ISBN 0-87081-082-0. Haakonssen, Knud (2006). The Cambridge Companion to Adam Smith. Cambridge University Press. ISBN 0-521-77924-3. Hardwick, D. and Marsh, L. (2014). Propriety and Prosperity: New Studies on the Philosophy of Adam Smith. Palgrave Macmillan Hamowy, Ronald (2008). "Smith, Adam (1723–1790)". Smith, Adam (1732–1790). The Encyclopedia of Libertarianism. Thousand Oaks, CA: Sage; Cato Institute. pp. 470–72. doi:10.4135/9781412965811.n287. ISBN 978-1-4129-6580-4. LCCN 2008009151. OCLC 750831024. Hollander, Samuel (1973). Economics of Adam Smith. University of Toronto Press. ISBN 0-8020-6302-0. McLean, Iain (2006). Adam Smith, Radical and Egalitarian: An Interpretation for the Twenty first Century. Edinburgh University Press. ISBN 0-7486-2352-3. Milgate, Murray & Stimson, Shannon. (2009). After Adam Smith: A Century of Transformation in Politics and Political Economy. Princeton University Press. ISBN 978-0-691-14037-7. Muller, Jerry Z. (1995). Adam Smith in His Time and Ours. Princeton University Press. ISBN 0-691-00161-8. Norman, Jesse (2018). Adam Smith: What He Thought, and Why It Matters. Allen Lane. O'Rourke, P.J. (2006). On The Wealth of Nations. Grove/Atlantic Inc. ISBN 0-87113-949-9. Otteson, James (2002). Adam Smith's Marketplace of Life. Cambridge University Press. ISBN 0-521-01656-8. Otteson, James (2013). Adam Smith. Bloomsbury. ISBN 978-1-4411-9013-0. Phillipson, Nicholas (2010). Adam Smith: An Enlightened Life, Yale University Press, ISBN 978-0-300-16927-0, 352 pages; scholarly biography McLean, Iain (2004). Adam Smith, Radical and Egalitarian: An Interpretation for the Twenty first Century Edinburgh University Press Pichet, Éric (2004). Adam Smith, je connais !, French biography. Vianello, F. (1999). "Social accounting in Adam Smith", in: Mongiovi, G. and Petri F. (eds.), Value, Distribution and capital. Essays in honour of Pierangelo Garegnani, London: Routledge, ISBN 0-415-14277-6. Winch, Donald (2007) [2004]. "Smith, Adam". Oxford Dictionary of National Biography (on-line ed.). Oxford University Press. doi:10.1093/ref:odnb/25767. (Subscription or UK public library membership required.) Wolloch, N. (2015). "Symposium on Jack Russell Weinstein's Adam Smith's Pluralism: Rationality, Education and the Moral Sentiments". Cosmos + Taxis "Adam Smith and Empire: A New Talking Empire Podcast," Imperial & Global Forum, 12 March 2014.

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Acton Alberdi Allais Arnold Aron Artigas Badawi Bălcescu Barante Bastiat Bentham Berlin Betances Beveridge Blum Bobbio Brentano Bright Broglie Burke Čapek Cassirer Cavour Chicherin Chu Chydenius Cobden Collingwood Condorcet Constant Croce Croly Cuoco Deák Deakin Dewey Dickens Diderot Dongsun Dworkin Emerson Eötvös Galbraith Garrett Garrison George Gladstone Gobetti Gokhale Gray Green Grundtvig Gu Guizot Harrison Havlíček Herbert Herder Hobhouse Hobson Hu Humboldt Itagaki Jefferson Jovanović Juárez Jubani Kairis Kant Kelsen Kemal Keynes King Kołłątaj Korais Kossuth Kymlicka Lamartine Lamennais Larra Lastarria Lelewel Levski Li Lincoln List Locke Lufti Macaulay Madariaga Madison Martineau Masterman Mažuranić Mazzini Michelet Mill (father) Mill (son) Milton Milyukov Molteno Mommsen Montalembert Montesquieu Mora Nakae Naoroji Naumann Nitti Ohlin Ortega Ozaki Paine Paton Pearson Price Priestley Prieto Qin Quinet Radishchev Ramírez Rathenau Rawls Raz Renan Renouvier Ricardo Rogers Rorty Roosevelt Rosetti Rosmini Rosselli Rousseau Ruggiero Sarmiento Say Sen Shaftesbury Shklar Sidney Sieyès Şinasi Sismondi Smith Spencer Spinoza Staël Ståhlberg Stein Tahtawi Tao Tavčar Thierry Thorbecke Thoreau Tocqueville Tracy Treub Troeltsch Turgot Venizelos Voltaire Ward Weber Wollstonecraft ZambranoOrganisations Africa Liberal Network Alliance of Liberals and Democrats for Europe Alliance of Liberals and Democrats for Europe Party Arab Liberal Federation Council of Asian Liberals and Democrats European Democratic Party European Liberal Youth European Party for Individual Liberty International Alliance of Libertarian Parties International Federation of Liberal Youth Liberal International Liberal Network for Latin America Liberal parties Liberal South East European NetworkSee also Bias in academia Bias in the media  Liberalism portal vteSocial and political philosophyAncientphilosophers Aristotle Chanakya Cicero Confucius Han Fei Lactantius Laozi Mencius Mozi Origen Plato Polybius Shang Socrates Sun Tzu Tertullian Thucydides Valluvar Xenophon XunziMedievalphilosophers Alpharabius Augustine Averroes Baldus Bartolus Bruni Dante Gelasius al-Ghazali Giles Hostiensis Ibn Khaldun John of Paris John of Salisbury Latini Maimonides Marsilius Nizam al-Mulk Photios Thomas Aquinas Wang William of OckhamEarly modernphilosophers Ammirato Beza Bodin Bossuet Botero Buchanan Calvin Cumberland Duplessis-Mornay Erasmus Filmer Grotius Guicciardini Harrington Hayashi Hobbes Hotman Huang Leibniz Locke Luther Machiavelli Malebranche Mariana Milton Montaigne More Müntzer Naudé Pufendorf Rohan Sansovino Sidney Spinoza Suárez18th–Nineteenth-centuryphilosophers Bakunin Bentham Bonald Bosanquet Burke Comte Constant Cortés Emerson Engels Fichte Fourier Franklin Godwin Hamann Hegel Herder Hume Jefferson Justi Kant political philosophy Kierkegaard Le Bon Le Play Madison Maistre Marx Mazzini Mill Montesquieu Möser Nietzsche Novalis Paine Renan Rousseau Royce Sade Schiller Smith Spencer Spedalieri Stirner Taine Thoreau Tocqueville Vico Vivekananda VoltaireTwentieth–21st-centuryphilosophers Adorno Ambedkar Arendt Aurobindo Aron Azurmendi Badiou Baudrillard Bauman Benoist Berlin Bernstein Butler Camus Chomsky De Beauvoir Debord Du Bois Durkheim Dworkin Foucault Gandhi Gauthier Gehlen Gentile Gramsci Habermas Hayek Heidegger Irigaray Kautsky Kirk Kropotkin Laclau Lenin Luxemburg Manent Mansfield Mao Marcuse Maritain Michels Mises Mou Mouffe Negri Niebuhr Nozick Nursî Oakeshott Ortega Pareto Pettit Plamenatz Polanyi Popper Qutb Radhakrishnan Rand Rawls Rothbard Russell Santayana Sartre Scanlon Schmitt Scruton Searle Shariati Simmel Simonović Skinner Sombart Sorel Spann Spirito Strauss Sun Taylor Walzer Weber ŽižekSocial theories Anarchism Authoritarianism Collectivism Communism Communitarianism Conflict theories Confucianism Consensus theory Conservatism Contractualism Cosmopolitanism Culturalism Fascism Feminist political concept Gandhism Hindu nationalism (Hindutva) Individualism Islam Islamism Legalism Liberalism Libertarianism Mohism National liberalism Republicanism Social constructionism Social constructivism Social Darwinism Social determinism Socialism UtilitarianismRelated articles Jurisprudence Philosophy and economics Philosophy of schooling Philosophy of historical past Philosophy of love Philosophy of intercourse Philosophy of social science Political ethics Social epistemology Index Category vtePropertyBy owner Collective Common Communal Community Crown Customary Cooperative Private Public Self Social State UnownedBy nature Estate Croft Intangible Intellectual indigenous Personal Tangible actualCommons Common land Common-pool useful resource Digital Global Information KnowledgeTheory Bundle of rights Commodity fictitious commodities Common excellent (economics) Excludability First possession appropriation homestead theory Free-rider drawback Game concept Georgism Gift financial system Labor idea of property Law of rent rent-seeking Legal plunder Natural rights Ownership Property rights primogeniture usufruct girls's Right to property Rivalry Tragedy of the commons anticommonsApplications Acequia (watercourse) Ejido (agrarian land) Forest types Huerta Inheritance Land tenure Property law alienation easement restraint on alienation real property identifyRights Air Fishing Forest-dwelling (India) Freedom to roam Grazing pannage Hunting Land aboriginal indigenous squatting Littoral Mineral Bergregal Right of way Water prior-appropriation riparianDisposession/redistribution Bioprospecting Collectivization Eminent domain Enclosure Eviction Expropriation Farhud Forced migration inhabitants transfer Illegal fishing Illegal logging Land reform Legal plunder Piracy Poaching Primitive accumulation Privatization Regulatory taking Slavery bride purchasing human trafficking spousal husband-selling wife selling wage Tax inheritance ballot revolutionary assets TheftScholars(key work) Frédéric Bastiat Ronald Coase Henry George Garrett Hardin David Harvey John Locke Two Treatises of Government Karl Marx Marcel Mauss The Gift John Stuart Mill Elinor Ostrom Karl Polanyi The Great Transformation Pierre-Joseph Proudhon What Is Property? David Ricardo Murray N. Rothbard The Ethics of Liberty Jean-Jacques Rousseau The Social Contract Adam Smith The Wealth of Nations Categories: Property Property regulation by way of nation Authority regulate BIBSYS: 90062193 BNE: XX1011829 BNF: cb119250114 (knowledge) CANTIC: a10157955 GND: 118615033 ISNI: 0000 0001 2279 6642 LCCN: n80032761 MBA: a1bf4cd4-fe53-4fb9-92cd-fb3c321a2bf1 NDL: 00456871 NKC: jn19990008033 NLA: 35505131 NLG: 67845 NLI: 001788052, 000614775, 000604526 NLK: KAC199625619 NTA: 068349122 PLWABN: 9810597530205606 SELIBR: 284982 SNAC: w6z60tcf SUDOC: 027141578 Trove: 977508 VcBA: 495/81426 VIAF: 49231791 WorldCat Identities: lccn-n80032761 Retrieved from "https://en.wikipedia.org/w/index.php?title=Adam_Smith&oldid=1016265099"

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