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Adam Smith

ADAM SMITH

1790-1723

Adam Smith, the leading figure in the development of economic theories, was born in 1723 in the city of Caer Caldey, a city in Scotland. In his youth, he studied at Oxford and Cambridge universities, and from 1751 until 1764 he remained a professor of philosophy at the University of Glasgow. During his work there, he published his first book, “The Theory of Moral Conscience,” which brought him reputation and fame in scholarly circles. However, his lasting fame is concentrated mainly in his great book, “A Question on the Nature and Causes of the Nation’s Wealth,” which was published in 1776. This succeeded. The book was a great success, and during the rest of his life Smith won fame and respect. He died at Caer Caldy in 1790 without marrying.

Adam Smith was not the first person to devote himself to the study of economic theories, but he was the first to make a comprehensive theory in economics that was the basis for future progress in economics. Therefore, it is fair to say that The Wealth of a Nation is the starting point for modern studies in political economy.

One of the achievements of this book is that it clears up many old confusions. Smith was against the old commercial theory that emphasized the importance of the state's possession of large quantities of gold bullion, and also rejected in his book the view that land is the main source of value, and instead focused on the importance of work, and on the increase in production that can be obtained by dividing | the job . Then he attacked the old sets of autocratic governments and their arbitrary restrictions that stopped and hindered industrial expansion.

The main idea in the book "The Nation's Wealth" is that the free market is indeed a self-regulating mechanism. It tends automatically to produce, for example, the type and quantity of commodities desired and required by society, for example.. Suppose there is a shortage of desirable products, in this case it is natural for their price to increase, and this high price leads to higher profits for those who produce those commodities. And because of the high profits, other producers will turn to producing this substance as well.

From the society and that the increase in production will alleviate the original shortage, and on top of that, the excess materials in addition to the competition between the different manufacturers tends for the material to the natural craving, and no one took the initiative. So the problem is solved, each person, according to Smith's words (intends only to get his profits, but he is led by an invisible hand to encourage the achievement of his goal which is not part of his intentions. By pursuing his own interests he promotes the interests of society more effectively than if he He intended to strengthen it) .

Apart from the issue of the validity or invalidity of Adam Smith's views, or apart from his influence and influence on the economic theories that followed his reign, the important issue for Adam Smith is his influence on the legislation and policies of states. He wrote his book “The Wealth of the Nation” with skill and clarity and became widely known. His ideas that governments should not interfere in trade and labor issues and that customs tariffs should be reduced influenced international politics throughout the nineteenth century, so that we still feel their influence even today.

However, most of Adam Smith's economic theories and most of his ideas became old and were replaced by new theories. Therefore, the importance of Adam Smith is limited to his being the first founder of economic theories, and he is the one who drew attention to making these theories worthy of study and consideration.