Father of Economics

Economics is a social science which studies the production, distribution, and consumption of services and goods. This is the general description given to Economics.

Adam Smith :

Adam Smith was born on 5th June 1723. He was a Scottish economist, philosopher, author. He is considered as a pioneer of political economy and a key to Scottish Enlightenment. His most classic works are " The Theory of moral sentiments ", " An enquiry into the nature and Oauses of the wealth Nations ".


He was one of the students among the people who get their beneficiary scholarship. He got that scholarship from a fellow Scot John Snell. From most of his education, he studied social philosophy at the University of Glasgow. He delivered many successful series of public lectures at Edinburgh after graduation. This leads him to collaborate with David Hume at the time of Scottish Enlightenment.

Basic foundations for free-market economic theory was laid by him. He also developed a division of labour. He explained how rational self interest and competition will lead to economic prosperity. 

Smith's book ' The wealth of Nation' was named in 100 best books of Scottish language for all the time. Scott also did his tutoring while doing his tours. In 1766, one of his younger brothers named Henry Scott died. Hence, Smith's tour as a tutor ended there.

For the next ten years, he spent most of his time in writing magnum opus. In May 1773, he was elected as a fellow of the Royal Society of London. He was also elected as a member of Literary club in 1775.

The Wealth of Nations which was published in 1776 was a huge hit. His first edition was all sold out in first six months. Later in 1778, he was appointed as a post of commissioner of customs in Scotland.

Smith left this world on 17th July 1790. He died with a painful illness.  Later his body was burned at Canongate Kirk yard. On his deathbed, he expressed his disappointment what he had not achieved.