Adam Smith was born in Kirkcaldy, Fife, Scotland on an unknown date. While the exact birth date of

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Adam Smith was born in Kirkcaldy, Fife, Scotland on an unknown date. While the exact birth date of Smith is unknown, records show that he was baptized on June 5, 1723. He was the son of the comptroller of customs in his small village; however, his father sadly died approximately six months prior to Adam being born. He was then raised by a widowed mother. Around the age of 15, Adam Smith attended Glasgow University where he studied moral philosophy. About two years later, in 1940, Smith enrolled in Balliol College at Oxford. However, it has been said, “The Oxford of his time gave little if any help towards what was to be his lifework” (“Biography of Adam Smith (1723-1790)”). Following his academic career, Smith served as the tutor of the…show more content…
In his book, The Wealth of Nations, he focuses on more than just self-interest. One of his philosophies is the increasing of division of labor. He felt that by giving specific tasks to a certain number of workers, they could yield more products in the end than if they were not each focuses on a specific aspect of production. Throughout his book he also noted on the industrial development happening in Europe. Though most of these ideas Smith had written about were not original, he was the first person to have them published and easily understandable to the average person. He is now thought of as one of the fathers of classical economics.
While overtime other economists have built upon Adam Smith’s theories, most of his key ideas, such as minimizing government intervention in the marketplace, taxation in free markets, supply and demand, and the increasing of division of labor are still a basis to the economics that we study today. His time spent tutoring the Duke of Buccleuch more than likely had an effect on how he viewed society. Throughout his travels with the duke, Smith came in contact with many people who greatly influenced his beliefs and drove him into the direction of the Adam Smith we know today. After witnessing the wealth of France being destroyed by Louis XIV and Louis XV in wars, he could then conclude that imperial powers, such as governments and monarchies, took away from the economic growth of a country. Not much

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