Adam Smith (1723-1790) was a Scottish economist, philosopher, and author who is considered the father of modern [economics](https://doctorparadox.net/category/economics/). He made significant contributions to classical economics and is known for his theories on free trade, market competition, and the invisible hand. Smith was born in Kirkcaldy, Scotland, in 1723. His father, also named Adam Smith, was a lawyer and civil servant who died two months before Smith was born. Raised by his mother, he attended the Burgh School of Kirkcaldy where he quickly showed a proclivity for intellectual pursuits. At the age of fourteen, Smith went to the University of Glasgow on scholarship, studying moral philosophy under the tutelage of "the never-to-be-forgotten" Francis Hutcheson. He graduated from the University of Glasgow in 1740 and won a scholarship to Balliol College, Oxford, where he continued his studies. After leaving Oxford, Smith returned to Scotland and began giving public lectures in Edinburgh in 1748. During this time, he met and began a lifelong friendship with the Scottish philosopher and economist David Hume, a relationship that greatly influenced Smith's work and thinking. In 1751, Smith was appointed the Chair of Logic at Glasgow University, moving on to the Chair of Moral Philosophy the following year. His time at Glasgow was influential and it was during this period that he wrote and published "The Theory of Moral Sentiments" in 1759, which explored how human morality depends on sympathy between the agent and the spectator. In 1763, Smith left his university position to tutor the young Duke of Buccleuch. This job offered him the opportunity to travel extensively throughout Europe where he met with other intellectual leaders of his day, including Benjamin Franklin and Voltaire. ## Wealth of Nations and the Invisible Hand Smith's most notable work, "An Inquiry into the Nature and Causes of the Wealth of Nations" (often simply referred to as "The Wealth of Nations"), was published in 1776. It is considered the first comprehensive system of political economy. In it, Smith introduced his theory of the "invisible hand," the idea that individuals' self-interested actions can lead to positive social and economic results. Smith returned to his native Scotland after his travels and devoted much of his time to the Scottish Enlightenment, contributing significantly to the intellectual climate of the time. He died on July 17, 1790, and left much of his personal wealth to charity. His legacy as a key figure in the development of modern economic thought continues to this day. His work is still widely read and studied, and his ideas about [[free markets]], moral philosophy, human nature, and social institutions have had a profound impact on economic theory and policy.