The Wealth of Nations Adam Smith installed himself as the leading expositor of economic learn french by podcast free pdf guides. Adam Smith was born in a small village in Kirkcaldy, Scotland, where his widowed mother raised him.
At age fourteen, as was the usual practice, he entered the University of Glasgow on scholarship. He later attended Balliol College at Oxford, graduating with an extensive knowledge of European literature and an enduring contempt for English schools. He left academia in 1764 to tutor the young duke of Buccleuch. With the life pension he had earned in the service of the duke, Smith retired to his birthplace of Kirkcaldy to write The Wealth of Nations.
In 1778 he was appointed commissioner of customs. In this job he helped enforce laws against smuggling. He died in Edinburgh on July 19, 1790. Today Smith’s reputation rests on his explanation of how rational self-interest in a free-market economy leads to economic well-being. In fact, while chair at the University of Glasgow, Smith’s lecture subjects, in order of preference, were natural theology, ethics, jurisprudence, and economics, according to John Millar, Smith’s pupil at the time. Charity, while a virtuous act, cannot alone provide the essentials for living.
Self-interest is the mechanism that can remedy this shortcoming. Someone earning money by his own labor benefits himself. Unknowingly, he also benefits society, because to earn income on his labor in a competitive market, he must produce something others value. By directing that industry in such a manner as its produce may be of greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. The Wealth of Nations, published as a five-book series, sought to reveal the nature and cause of a nation’s prosperity.