Contributions Of Adam Smith As The Father Of Economics

1388 Words6 Pages
Adam Smith, like his colleague and friend David Hume one of the greatest Scottish philosophers, was a member of the English Enlightenment. Smith is popularly known as the Father of Economics and his ideas and theories are believed to have laid the foundation for economic thought and thereafter the emergence of schools of economic thought. Smith wrote The Wealth of Nations, at his time as a lecturer at the University of Glasgow. In fact, the book is believed to have laid the above-said foundation on economic thoughts and the emergence of schools on economic thought. Smith’s concern as a lecturer was based on ethics and morality and he was a believer in the idea of a free market economy that preceded the modern day capitalism, Smith, therefore, is also referred to as the father of modern-day capitalism. His works, views, and suggestions brought him a fortune and great fame across the British Empire and as far as the American Colonies. Perhaps more importantly, it would only be fair to suggest that Smith’s ideas and views not only impacted the Europeans, but also the Founding Fathers of the United States of America thus greatly influenced the trading patterns in both the European countries and in the formation of the structure of the American government in the 18th century.
Adam Smith out rightly left a great legacy one that has created ripple effects across the globe in the economic world. However, Smith’s ideas and works were not based on economics but also on morality.
Get Access