![]() ![]() But even here things are not as straightforward as they appear. His oft-quoted An Inquiry into the Nature and Causes of the Wealth of Nations (1776) was undoubtedly important in the eventual formation – in the next century – of the discipline of economics. (He died in July 1790, just as the French Revolution was getting into full swing.)Īdmittedly, Smith’s reputation as an economist isn’t entirely mysterious. His professional identity was firmly that of a philosopher – not least because the discipline of ‘economics’ didn’t emerge until the 19th century, by which time Smith was long dead. Employed as professor of moral philosophy at the University of Glasgow, the majority of Smith’s teaching was in ethics, politics, jurisprudence and rhetoric, and for most of his career he was known for his first book, The Theory of Moral Sentiments (1759). Smith’s popular reputation as an economist is a remarkable twist of fate for a man who spent most of his life as a somewhat reclusive academic thinker. Yet, despite being widely believed, both these claims are at best misleading, and at worst outright false. ![]() In other words, Smith is now known both as the founder of economics, and as an ideologue for the political Right. He’s the best-known of all economists, and is typically hailed as the founding father of the dismal science itself.įurthermore, he’s usually portrayed as not only an early champion of economic theory, but of the superiority of markets over government planning. ![]() If you’ve heard of one economist, it’s likely to be Adam Smith. ![]()
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