Economist Adam Smith

Adam Smith was often known as the 'founding father of economics'. He was born in Kirkcaldy Scotland in 1723. At the tender age of 17 he went to Oxford in 1951 and became a professor of Logic at Glasgow. The next year he gained attention by taking the chair of Moral Philosophy. He published two books one called the Theory of Moral Sentiments in 1759, and the other called An Inquiry into the Nature and Causes of the Wealth of Nations in 1776 which really put Smith in the spotlight.

In his first book, he develops the foundations for a general system of morals. Smith looks at man as self interested and self commanded. According to Smith, Individual freedom comes from self reliance, which is how a person is able to pursue his own self interests all the while commanding himself based on the principles of natural law.

In his second book, Smith uses precise detailed examples to acknowledge the cause and nature of the prosperity of a nation. This five book series is considered the first modern work in the field of economics. Through his research and understanding he was able to develop a analysis of the economic system. Some his more recognized work from the book is his examinaton of mercantilism and the concept of the invisible hand. Although not everyone agrees with Smith's ideas this book is reasonably the most valued book on the subject ever published. Without a question, it is the most priceless work in the field of free-market capitalism.

Although he died at the age of 67 he will always be known as one of the greatest moral philosophers and pioneers of political economics.