Adam Smith
Mr Pioneer of Capitalism
John Adam Smith or commonly known as Adam Smith is an economic pioneer of capitalism. He was born in Kirkcaldy, Scotland on June 6, 1723 and died in Edinburgh, Scotland, July 17, 1970 at the age of 63 years.
In the history of his life journey, he came to be known as a philosopher known as the pioneer of modern economics and from that Adam Smith has earned a title as the Father of Capitalist Economy.
The work of the infamous Adam Smith is An Inquiry into the Nature and Cause of the Wealth of Nations (The Wealth of Nations). The book is the first book to describe the history of industrial development and trade in Europe. Adam Smith is one of the pioneers of the economic system of capitalism. This economic system itself emerged in the 18th century, precisely in Western Europe and became famous in the 19th century.
The main point of the Wealth of Nations is the free market. Adam Smith believes that if human motives are often selfish and greedy then competition in a free market will be aimed at benefiting society entirely, forcing prices to remain low, while still building in incentives for various goods and services.
Here are the most famous quotes and often taken by economists in The Wealth of Nations:
"Is not the goodness of the butcher, the brewer, or the baker we expect on our dinner, but their concern for their own interests. We introduce ourselves, not to their humanity but to their love for themselves, and never talk to them for our needs, but for their benefit.
As each individual, then, seeks as much as he can use his own capital in support of the domestic industry and also to direct the industry whose production may be the greatest value, every individual worker is required to put the appropriate values of the community as best as he can. He generally does not promote it for the public good, nor does he know how much he promotes it. Referring to domestic support to foreign industry, he aims only for his own security, and by directing the industry in a manner in which production is of greatest value, he only thinks of his own advantage, and he, in this case, is guided by invisible hands to produce an end where the end is not part of its purpose. Nor is it always the worse for a society which is not part of it. By pursuing his own profit on a regular basis he regularly produces what results from society more than he would expect the outcome. I have never met much good that happens to anyone who trades in public goods. This is a powerful emotion, in fact, not so common among merchants, and very few words can be used to convince not to do that to them."
Adam Smith's economic theory developed in the 18th century in Europe. He believes in the right to influence the advancement of the free economic self without the necessity of being controlled by associations or states. This theory then changed the majorities in the European region into a free trade area and made the presence of entrepreneurs.
Adam Smith's credentials began when he entered Glasgow University at the age of 13. He studied the moral of Francis Hutcheson. Here, Adam Smith began to develop his strong desire for freedom, common sense, and freedom of speech. In 1740, he was awarded the Snell Exhibition and entered the Balliol College, Oxford until 1746.
In 1748, Adam Smith began teaching public lectures in Edinburgh under the guidance of Lord Kames. Some of his lectures offend rhetoric and belles-letters, but later developed on the theme of 'Progress of Welfare'. Then in 1750, he met the philosopher David Hume, who was 10 years older. In the work, they share a common opinion that includes philosophy, history, politics, economics, and religion. Therefore, they are often considered junior and senior.
In 1971, Adam Smith's acting academically began to increase. He was appointed chairman of the logic board at Glasgow University. Then a year later it was transferred to Glasgwo's moral philosophy board. In 1759 he published his theory of moral sentiments and included some of his lectures at Glasgwo. Here he got the title of Doctorate in 1962.
In 1764-1766, Adam Smith began to reduce teaching activities and chose to travel to meet the intellectual figures such as Turgor, Jean D'Alembert, Andre Morrelet, Helvetius, and Frangois Quesnay. In 1778, he became one of the founders of the Royal Society of Edinburgh and was awarded honorary lord of the University of Glasgow Rector between 1787 and 1789.
In his master's time, Adam Smith began to get sick. He died on July 17, 1790. Then his corpse was buried in Canogatw Krikyard. He left several works, including The Theory of Moral Sentiments (1759), An Inquiry Into the Nature and Cause of the Wealth of Nation (1776), and Essays on Philosophical Subject (published after 1759), Lectures in Jurisprudence (published after 1976).
Source:
Syahputra, Arbi. 2018. The 100 Most Influential Modern People in the World. Yokyakarta: CV. Distribution Solutions.