March 9: “The Wealth of Nations” is Published (1776)
Prayer Idea
Pray for those who study the economy and seek to advocate practices and policies that benefit people.
History Note
Adam Smith (1723-1790) was a Scottish philosopher who published two major works that continue to influence the world today.
At the age of 27, he began teaching at the University of Glasgow. He became a professor of moral philosophy, which touched on theology, ethics, law, and politics.
Smith published the first edition of The Theory of Moral Sentiments in 1759. In this work, as described in his subtitle, Smith provided “an analysis of the principles by which men naturally judge concerning the conduct and character, first of their neighbours, and afterwards of themselves.” He explored why people choose to behave the way we do.
He later worked as a private tutor and spent years researching and writing his more famous book. On March 9, 1776, he published An Inquiry into the Nature and Causes of the Wealth of Nations.
Adam Smith was not the first economist, but he helped to lay the groundwork for the modern study of economics. The Wealth of Nations looked at how the division of labor increases productivity, how prices are affected by supply and demand, how governments are involved in the economy, and why some countries are rich and others are poor.
Adam Smith (c. 1790)
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Watch this introduction to the life and work of Adam Smith.
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