Adam Smith
Adam Smith | |
---|---|
Born | June 1723 |
Died | 17 July 1790 | (aged 67)
Alma mater | |
Notable work | |
Region | Western philosophy |
School | Classical liberalism |
Signature | |
Adam Smith( baptise date 16 June 1723 – 17 July 1790) was aScottisheconomist,who is called theFather of Modern Economics.[1]He wrote two classic books,The Theory of Moral Sentiments(1759) andAn Inquiry into the Nature and Causes of the Wealth of Nations(1776).
The Wealth of Nations[change|change source]
Hisbook,An Inquiry into the Nature and Causes of the Wealth of Nations,published in 1776, was very important. People call the book justThe Wealth of Nations.[2]It stated some of the ideas off of which moderneconomicsis based, especiallymarket economics.[3]
In theWealth of NationsAdam Smith asks 'what can a person do that is best for his country?' He decides that if every person does what is best for them and their little circle of family and friends, then the country will do better. This is because every person knows a lot about their own situation (what they need and what they want, what works and what does not work), much more than the government knows. This sort of thinking is called "liberal theory", a main part ofliberalism.
He was also aphilosopherwho wanted to know why people thought (felt) that some things are good and others bad.
The Theory of Moral Sentiments[change|change source]
He wrote an earlier book, in 1759, calledThe Theory of Moral Sentiments.He thought thatempathywas very important inethics.Empathy is when you see how someone else is feeling, imagine what it feels like, and then end up feeling the same way: for Smith, empathy is like "putting yourself in someone else's shoes". For example, empathy makes us feel happy to see someone else who is happy, or feel sorry for someone who is sad. Empathy may even makeusfeel pain when we see someone in pain (as ifwehad been hurt or affected). Both Smith and his friendDavid Hume,who was another Scottish philosopher, wrote about the importance of sympathy in ethics.
References[change|change source]
- ↑Tucker, Irvin B.Macroeconomics for Today: Seventh EditionSouthwestern Cengage Learning page 519
- ↑Gay, Peter; Time-Life Books (1966). "A Vogue For Sentimentality".Age of Enlightenment.Time. pp.79.
- ↑"Economics".Encyclopædia Britannica.Retrieved2010-10-12.
Related pages[change|change source]
Other websites[change|change source]
- Wealth of NationsArchived2006-09-27 at theWayback Machinefrom theAdam Smith Institute
- An inquiry into the nature and causes of the wealth of nationsArchived2016-03-04 at theWayback Machineby Adam Smith. London: J. M. Dent & sons, ltd.; New York: E. P. Dutton & co.
- Works and Correspondence of Adam SmithArchived2005-11-26 at theWayback Machinefrom theOnline Library of Liberty
- The Theory of Moral Sentimentsat theLibrary of Economics and LibertyArchived2008-10-03 at theWayback Machine