Who was Adam Smith?

Who was Adam Smith?Adam Smith (1723–1790) was a Scottish economist, philosopher, and professor, widely known as the “father of modern economics.” He transformed the understanding of how societies produce, distribute, and consume wealth, offering concepts that still underpin economic theory today.

Adam Smith's Contributions to Economics

Adam Smith's most emblematic work, The Wealth of Nations (1776), brought an innovative view of how markets work. He introduced the concept of the “invisible hand,” a metaphor to explain how individual decisions motivated by self-interest can indirectly benefit society as a whole. Smith also highlighted the importance of the division of labor, arguing that specialization increases productivity and economic efficiency.

One of his most famous quotes on this subject is:

• “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard for their own interest.”

Ethics and Society in Adam Smith

Although widely recognized for his contributions to economics, Adam Smith was also a moral philosopher. In his first work, Theory of Moral Sentiments (1759), he explored empathy and ethics as pillars of human relations. For Smith, the pursuit of self-interest should be balanced by a sense of justice and concern for the welfare of others.

He expresses this idea in another striking phrase:

• “No society can be flourishing and happy if the majority of its members are poor and miserable.”

Conclusion: Who was Adam Smith?

Adam Smith was more than an economist; he was a thinker who sought to understand the complexities of human interaction in markets and society. His ideas on economic freedom, morality, and the role of the state remain relevant and inspire debate to this day. With his visionary approach, he helped shape the modern world and remains an essential figure for understanding the fundamentals of capitalism.