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Adam Smith

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What are some personal facts about Adam Smith?
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Terms in this set (36)
What are some personal facts about Adam Smith?
He was born in Scotland

Father died before he was born. He lived with his mom until she died when he was 61, he died at 67.

Kidnapped by gypsies when he was 4.
What two colleges did Adam Smith attend?
Glasgow College at the age of 14

Balliol College at Oxford where he studied Moral and Political Sciences and Languages
What is the famous quote from Adam Smith about himself?
"I am a beau in nothing but my books"
Whose kid did Adam Smith tutor?
Charles Townshed (He caused the Boston Tea Party)
Who did Smith and his student meet?
Voltaire, Francois Quesney, and Ben Franklin
What did Smith disagree about with the Physiocrats?
Agriculture being the source of all productivity.

He believed labor was an important component of production.
What did Adam Smith think about the American Colonies?
He thought they would be a nation "which, indeed, seemed very likely to become one of the greatest and most formidable that ever was in the world."
What did Smith and Karl Marx agree on?
Their opinion of the American Colonies.
What were the most important aspects of Smith's work?
He viewed the potential markets had in developing economic growth and the difficulty markets could cause if unregulated.
What did Smith think of Human Interest in his book "The moral sentiment"?
Every person should take care of themselves first, as they are the one best suited to know what they need.
What did Smith think of Human Interest in his book "The Wealth of Nations"?
There is scarce perhaps a single instant in which any man is so perfectly and completely satisfied with his situation, as to be without wish of alteration or improvement of any kind
What does "The Theory of Moral Sentiment" discuss?
Discusses the Moral forces that restrain selfishness and bind people together in a workable society
What does "The Wealth on Nations" discuss?
Assumed a just society and how the individual is guided and limited by economic forces
What does Smith argue in the first chapter on "Theory of Moral Sentiment"?
Sympathy can even overcome selfishness
According to Smith's "Thoery of Moral Sentiment", What are Unsocial passions?
hatred and resentment