Adam Smith was well educated, having attended

Glasgow and Oxford, two of the most prestigious

schools in the world. He began teaching logic at
the University of Glasgow in 1751, was promoted
to chair of the moral philosophy in 1952 and
wrote his Theory of Moral Sentiments, while
there, in 1759. This paper established him on the
international scene and helped him gain the
reputation that he had throughout his life.
Rationalism, a very important concept during the
time of Adam Smith, influenced his work. He
believed that everything could be explained
rationally, therefore there is was an explanation
for everything. Another famous Smith concept is
the Laissez-faire theory of economics, which
says markets are best left to govern themselves.

Adam Smith believed that monopolies were bad

for the economy because they disrupted the way
things should actually function in markets.
Although he was generally in favor of free
markets, he believed that restrictions to free
trade were sometimes necessary and could be
used as economic weapons to reduce poverty.
He also believed that it was sometimes
necessary for the government to assist
companies and industries.

Although Smith was best known for his theories

on economics, he was also a morality
philosopher and was very influential in that field
as well. He put forth the idea that our moral
feelings come from sympathy which is an innate
trait in all people; this concept is also known as
putting ourselves in their shoes.

Adam Smiths, whose father died six months

prior to his birth, was raised by his widowed
mother, who encouraged her son to pursue his
scholarly interests which, early on, included
moral philosophy as well as his passion for
liberty and free speech.

The first thing you have to know is yourself. A man

who knows himself can step outside himself and
watch his own reactions like an observer.
It is not from the benevolence of the butcher, the
brewer, or the baker that we expect our dinner, but
from their regard to their own self-interest. We
address ourselves not to their humanity but to their
self-love, and never talk to them of our own
necessities, but of their advantages
No society can surely be flourishing and happy of
which by far the greater part of the numbers are poor
and miserable.