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Essay, Biography or Paragraph on “Adam Smith” complete biography for Class 10, Class 12 and Graduation and other classes.

Adam Smith

 

Scotland : Philosopher and Economist

Born : AD 1723                    Died : AD 1790

In 1776, a book entitled Wealth of Nations was published by a Philosopher and Economist which rendered great help to scholars and diplomats in their works in economics. This great work dealt elaborately with production and wealth and its exchange between nations. The author was Adam Smith, an Economist from Scotland.

Adam Smith was born in Kirkaldi, Scotland. After his education at Glasgow and Oxford Universities respectively, he worked as a professor at Glasgow University. In 1766, he started his work on “The Wealth of Nations” which took him 10 years to complete. He believed in time -factor for making wealth. He drew his conclusion that political interference hinders the free-flow of trade and commerce. For him, money was a means to commerce not wealth in itself. For him, competition in trade and commerce without outside interference was healthy for growth.

Smith was in favour of increasing the production of England. But, in the ensuing century, big landlords and feudal lords posed many obstacles in industrial development. Smith’s later works came under scathing research and critical appraisal but his Wealth of Nations remains a classic in the field of economics. This work reveals its author’s personality.

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