Sandra Garcia
Econ-02 MWF 9AM
I. Economist and Basic Information
A. Adam Smith
B. June 5, 1723-July 17, 1790
C. Adam Smith was born in Kirkcaldy, United Kingdom and passed away in Edinburgh,
Scotland
D. Attended the Universities of Glasgow and Oxford
E. Adam Smith is the Father of Economics and was a philosopher. He became famous by
his influential book The Wealth of Nations (1776).
F. In 1776 he published the Nature and Causes of the Wealth of Nations, it was considered
the bible of capitalism. It was the first comprehensive system of political economy. It
focused on the “Invisible Hand” theory. The idea of people working for their own
goodwill to contribute to the wellbeing of the community.
II. Adam Smith was around during the industrial period.
III. During his time, a country’s wealth was estimated by the amount of gold and silver it owned.
Smith influenced and changed that policy, he believed that the nations wealth should not be
measured this way. He initiated a metric system to be through its total production and
commerce, which today is known as gross national product.
IV. Adam Smith had many different but was well known for Two books, Theory of Moral Sentiments
and An Inquiry into the Nature and Causes of the Wealth of Nations.
V. Adam Smith was well known for these 3 natural laws of economics; self-interest, the Law of
competition and supply and demand.
a) The law of self-interest defines that people work for their own good. Shows man’s
willingness to preform activities such as earning money. This concept led to