Adam Smith

Adam Smith (1723–1790) was a Scottish moral philosopher and political economist whose works examined moral judgment, economic exchange, and the sources of national prosperity.

The Theory of Moral Sentiments: Adam Smith’s 1759 book explaining moral judgment through sympathy and the imagined perspective of an impartial spectator. Smith developed his account of moral judgment before setting out his political economy.
The Wealth of Nations: Adam Smith’s 1776 book analyzing production, exchange, economic growth, and public finance. This is the work in which Smith develops his most extensive account of political economy.
Francis Hutcheson: An Irish-born Scottish Enlightenment philosopher who taught moral philosophy at the University of Glasgow. Hutcheson taught Smith and helped shape the moral-philosophy tradition in which he worked.
Laissez-faire: A doctrine favoring minimal government intervention in economic activity. Smith supported competitive exchange but also defended public duties and regulation in specific cases.
Division of labor: The separation of production into specialized tasks, which can increase output and skill. Smith made task specialization a central explanation for rising productivity.
Mercantilism: A set of policies and doctrines that sought national power through regulated trade and accumulation of precious metals. Smith challenged mercantilist restrictions and the belief that wealth meant hoarded bullion.
David Hume: A Scottish philosopher and historian whose works addressed human nature, knowledge, politics, and commerce. Hume was Smith’s close friend and a fellow major voice in the Scottish Enlightenment.
Karl Marx: A nineteenth-century philosopher and political economist who analyzed capitalism through class conflict and historical materialism. Marx criticized the political economy Smith helped establish while drawing on its analysis of production and value.
Invisible hand: A metaphor Smith used for unintended social outcomes arising from individual actions. Smith’s best-known metaphor captures one way private motives can produce public effects.
Free trade: International exchange with few or no government-imposed barriers such as tariffs or quotas. Smith argued that restrictions on exchange could obstruct specialization and national prosperity.

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