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). Economics of the time were dominated by the idea that a country’s wealth was best measured by its store of gold and silver. Economics 'Wealth of Nations'Īfter 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. Smith entered the University of Glasgow when he was 14 and in 1740 went to Oxford. He attended the Burgh School, where he studied Latin, mathematics, history and writing. While his exact date of birth isn’t known, Smith’s baptism was recorded on June 5, 1723, in Kirkcaldy, Scotland. Who Was Adam Smith?Īdam 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. Scottish social philosopher and political economist Adam Smith wrote 'The Wealth of Nations' and achieved the first comprehensive system of political economy.
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