Adam Smith was a Scottish economist and philosopher who is considered the father of modern economics. He is best known for his book The Wealth of Nations, which was published in 1776. In this book, Smith argued that the free market is the best way to organize an economy, and that government intervention should be kept to a minimum. He also introduced the concept of the “invisible hand,” which is the idea that individuals acting in their own self-interest will ultimately benefit society as a whole.
Smith was born in Kirkcaldy, Scotland, in 1723. He studied at the University of Glasgow and Balliol College, Oxford. After graduating from Oxford, he returned to Glasgow and taught philosophy for 13 years. In 1776, he was appointed as commissioner of customs for Scotland. He died in Edinburgh in 1790.