Презентація "Адам Сміт"

Adam smiththe “Father” of Modern Economics1723 - 1790

Who was Adam Smith. Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," “The Wealth of Nations”, in which he details the first system of political economy.

Early Years. While his exact date of birth isn’t known, Adam Smith’s baptism was recorded on June 5, 1723, in Kirkcaldy, Scotland. He attended the Burgh School, where he studied Latin, mathematics, history and writing. Smith entered the University of Glasgow when he was 14 and in 1740 went to Oxford.

The 1st Book. In 1759 he published his 1st book “The Theory of Moral Sentiments”

The Wealth of Nations. In 1776 Adam Smith published his 2nd book “An Inquiry into the Nature and Causes of the Wealth of Nations”

Adam Smith & Economics“The Wealth of Nations”After toiling for nine years, in 1776, Smith published “An Inquiry into the Nature and Causes of the Wealth of Nations” (usually shortened to “The Wealth of Nations”), which is thought of as the first work dedicated to the study of political economy. Economics of the time were dominated by the idea that a country’s wealth was best measured by its store of gold and silver. Smith proposed that a nation’s wealth should be judged not by this metric but by the total of its production and commerce—today known as the gross domestic product (GDP). He also explored theories of the division of labor, an idea dating back to Plato, through which specialization would lead to a qualitative increase in productivity.

Adam Smith’s major ideas: Division of Labor rises the productivity because: Each worker gains more dexterity by repeating the same moves again and again. There is not any lost time in the transition from one move to another. The breaking down of labor in basic moves helps in the invention of time saving tools

Adam Smith’s major ideas: There two kinds of value:value of use value of exchange

Adam Smith’s major ideas: Society is divided into three classes: Capitalists Landlords Workers

Adam Smith’s major ideas: Income is divided into three categories: Profits. Annuity Land Charge. Wage

Professional Life. In 1748, Smith began giving a series of public lectures at the University of Edinburgh. Through these lectures, in 1750 he met and became lifelong friends with Scottish philosopher and economist David Hume. This relationship led to Smith's appointment to the Glasgow University faculty in 1751. Edinburgh University

Death. In 1787, Smith was named rector of the University of Glasgow, and he died just three years later, at the age of 67.