About Adam Smith

Adam Smith (baptised 16 June 1723 – 17 July 1790 [OS: 5 June 1723 – 17 July 1790]) was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Adam Smith is widely cited as the father of modern economics.

Smith studied moral philosophy at the University of Glasgow and Oxford University. After graduating he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time wrote and published The Theory of Moral Sentiments. In his later life he took a tutoring position which allowed him to travel throughout Europe where he met other intellectual leaders of his day. Smith returned home and spent the next ten years writing The Wealth of Nations (mainly from his lecture notes) which was published in 1776. He died in 1790.

The patronage in his life-tutoring and travels

Tutoring wasone of very common ways of building patron relationship.

At the end of 1763, Adam Smith obtained a lucrative offer from Charles Townshend (who had been introduced to Smith by David Hume) to tutor his stepson, Henry Scott, the young Duke of Buccleuch. Smith subsequently resigned from his professorship to take the tutoring position.

Smith's tutoring job entailed touring Europe with Henry Scott while teaching him subjects including proper Polish. Smith was paid£300 per year plus expenses along with £300 per year pension, which was roughly twice his former income as a teacher. During his travel, Smith came to know intellectual leaders such as Benjamin Franklin, Voltaire, Samuel Johnson, Turgot, Jean D'Alembert, André Morellet,Helvétius . Henry Scott, the Duke remained life-long friends with Adam Smith and is credited with bringing him out of his shell. In 1766, Henry Scott's younger brother died in Paris, and Smith's tour as a tutor ended shortly thereafter. Smith returned home that year to Kirkcaldy, and he devoted much of the next ten years to his magnum opus which was published in 1776.

For ten years, after returning from France, He lived on the annuity from the Duke of Buccleugh, and occupied himself in study only. The publication of the book was an instant success, selling out the first edition in only six months. Five editions of The Wealth of Nations were published during Smith's lifetime: in 1776, 1778, 1784, 1786, and 1789. Numerous editions appeared after Smith's death in 1790.

**During his travel, Smith came to know intellectual leaders. In London, he met Samuel Johnson (London) with whom Smith did not get on well. In Geneva, he met Voltaire and in Paris, he met Benjamin Franklin, Turgot, Jean D'Alembert, André Morellet,Helvétius, and Francois Quesnay. Henry Scott, the Duke remained life-long friends with Adam Smith and is credited with bringing him out of his shell.

[Source: Wikipedia]


Adam Smith

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