Smith, Adam

Smith, Adam (1723-1790), Scottish philosopher and economist, whose celebrated treatise An Inquiry into the Nature and Causes of the Wealth of Nations was the first serious attempt to study the nature of capital and the historical development of industry and commerce among European nations, laying the foundations of modern economics. Smith was born in Kirkcaldy, Scotland, and educated at the universities of Glasgow and Oxford. From 1748 to 1751, he gave lectures on rhetoric and belles-lettres in Edinburgh. During this period, a close association developed between Smith and the Scottish philosopher David Hume that lasted until the latter's death in 1776 and contributed much to the development of Smith's ethical and economic theories.