Yasmin Khalil

Voelker

Honors Econ (4)

7 September 2010

Adam Smith BioSketch

Who he was:

Adam Smith was a philosopher of the 18th century. He first was appointed

Professor of Logic at Glasgow University, but he was soon transferred to the Chair of

Moral Philosophy.

Where and when he lived:

Smith was born in a small village in Scotland in the early 1700’s. He remained

there for most of his life. He left only attend Glasgow and Oxford and to tutor the duke of

Buccleuch, but for two years after, he traveled the countries of Europe. While on his trip,

he met with Voltaire, Jean Jacques Rousseau, Francois Quesnay, and many more

contemporaries.

Economic Philosophy:

Adam Smith wrote of 3 basic economic theories in his book The Wealth of

Nations: Laissez Faire, the Invisible Hand, and Self-Interest. Laissez Faire was the

principle of restricting the role of the government in the economy. He believed that the

government should have only the basic functions of protecting society from invasion,

defending individuals from injustice and oppression, and keeping up certain public

works. The ‘Invisible Hand’ theory is the term that is used to describe the force that
guides a nation's resources to their most productive use. Adam Smith’s third economic

principle was Self Interest. This refers to the personal gain that every person receives.

He proposed that consumers satisfy their self interest by buying goods, and that in turn

will stimulate the economy.

Who He influenced in the US/World:

Adam Smith’s ideas have had a major affect on the United States’ economy

today. His idea of capitalism is widely established and adhered to. He remains to be one

of the greatest economic philosophers to have ever lived.