Adam Smith By: Ellen Junko Trevor Nyberg

Background Info Born in a small village in Kirkcaldy, Scotland Wrote The Wealth of Nations, which was published in 1776 Never married Strongly opposed mercantilism Died in Edinburgh on July 19, 1790 The “father” of modern economics

Economic Theory Smith went to school for European literature. He gave lectures about philosophy as a young man, and soon had his own book about economics published. This book, The Wealth of Nations, is what made him well known. Soon, he got a job as commissioner of customs. From this point on, he continued to write books and share his ideas. “No complaint... is more common than that of a scarcity of money.” -Adam Smith Memory aid: Out of the list, Adam comes first alphabetically. He is also the father of modern economics. (father comes first)

School of Economic Thought Adam Smith follows a classical-political economy structure. He strongly believes in the idea that trade should not be controlled, and that the economy will reach a natural result, which is also considered the best result.