Adam SmithSmith was the son of the controller of the customs at Kirkcaldy, Fife, Scotland. The exact date of his birth is unknown. Smith entered the University of Glasgow when about fifteen years of age. Here he developed a strong passion for liberty, reason and free speech. In 1740 he entered Balliol College, Oxford, remaining there until 1746. In 1748 he began delivering public lectures in Edinburgh under the patronage of Lord Kames. In 1751 Smith was appointed professor on logic at the University of Glasgow, transferring in 1752 to the chair of moral philosophy. In 1759 he published his "Theory of Moral Sentiments," which established Smith's reputation. At the end of 1763 Smith obtained a lucrative post as tutor to the young Duke of Buccleuch and resigned his professorship. From 1764-66 he traveled with his pupil, mostly in France, where he came to know many of the intellectual leaders of the time. During the next ten years he wrote "An Inquiry into the Nature and Causes of the Wealth of Nations," which first appeared in 1776. In 1778 he was appointed to a comfortable post as commissioner of customs in Scotland and went to live with his mother in Edinburgh. He died there on July 17, 1790. His "Essays on Philosophical Subjects" was published posthumously in 1795. The "Wealth of Nations" did much to create the field of economics and develop it into a systematic discipline. One of the main points of The Wealth of Nations is that the free market, while appearing chaotic and unrestrained, acts to produce the right amount and variety of goods. Works
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