A homage to the Laissez-Faire enthusiast and pioneer of economics.
“All Money is a matter of belief”
Those words suggested philosophy could link into economics with the true value of money in question. The words here were suggested by one of the greatest economists in the history of the social science, Adam Smith. Currents of Adam Smith’s Classical Economic ideology run through the works published by David Ricardo and Karl Marx in the nineteenth century, and by John Maynard Keynes and Milton Friedman in the twentieth and has had an impact on governmental economic policy with his works like the Wealth of Nations and support from free markets which have truly have shaped the financial and political world which is becoming ever more important in our lives with the recent crisis.
Adam Smith was born in Kirkcaldy, Scotland, where his widowed mother raised him. At a young age, he entered the University of Glasgow on scholarship. He later attended Balliol College at Oxford.
After professing at Glasgow University for several years, in 1764 he tutored the young duke of Buccleuch. For more than two years they travelled throughout France and into Switzerland, an experience that brought Smith into contact with his contemporaries Voltaire and Jean-Jacques Rousseau, With the life pension he had earned in the service of the duke, Smith retired to his birthplace of Kirkcaldy to write The Wealth of Nations. It was published in 1776, the same year the American Declaration of Independence was signed and in which his close friend David Hume died. However, Adam Smith never married. He died in this great city, Edinburgh, on July 19, 1790.
Yet, let us remember the great, everlasting works this Scottish writer has produced. Adam Smith is frequently referred to the “founding father of economics”. Two books, Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations are thus of immense significance to the world and respected works of a great Scottish thinker and writer.