Adam Smith, born in 1723 in the small town of Kirkcaldy, Scotland, is a name synonymous with modern economic thought. Widely regarded as the “Father of Economics,” Smith’s groundbreaking ideas continue to shape the global
economic landscape.

Smith’s journey began with an education at the University of Glasgow and Oxford, where his keen interest in philosophy and human behavior flourished. In 1759, he published The Theory of Moral Sentiments, a philosophical
exploration of ethics and empathy. This work laid the foundation for his later studies on economic systems.

In 1776, Smith released his magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations, commonly known as The Wealth of Nations. This seminal book marked the birth of classical economics. It introduced revolutionary concepts such as the division of labor, free markets, and the “invisible hand”—a metaphor for how selfinterest in a competitive market often leads to societal benefits. Smith believed that economic prosperity thrives when individuals have the freedom to pursue their interests in an environment of open competition. He also emphasized the importance of efficiency, innovation, and specialization in boosting productivity.

Beyond economics, Smith was a man of modesty and intellectual depth. He spent much of his life teaching, researching, and
engaging in philosophical debates. Adam Smith’s legacy is a cornerstone of economics and a guidepost for policymakers, business leaders, and thinkers worldwide. His timeless ideas remind us that understanding human behavior is key to building a prosperous and equitable society.

By SRINIVASU.M Grade:9 Yellow house