Economist and moral philosopher. Born June 5, 1723, in Kirkcaldy, Scotland. Smith抯 father had died two months before his birth, and a strong and lifelong attachment developed between Smith and his mother. As an infant, Smith was kidnapped, but he was soon rescued. At the age of 14, he enrolled in the University of Glasgow, where he remained for three years. The lectures of Francis Hutcheson exerted a strong influence on him. In 1740, he transferred to Balliol College, Oxford, where he remained for almost seven years, receiving a bachelor of arts degree in 1744. Returning then to Kirkcaldy, he devoted himself to his studies and gave a series of lectures on English literature. In 1748, he moved to Edinburgh, where he became a friend of David Hume, whose skepticism he did not share.

　　Theory of Moral Sentiments

　　In 1751, Smith started working as a professor of logic at the University of Glasgow; the following year he became a professor of moral philosophy. Eight years later, he published his Theory of Moral Sentiments. Smiths central notion in this work is that moral principles have social feeling or sympathy as their basis. Sympathy is a common or analogous feeling that an individual may have with the affections or feelings of another person. The source of this feeling is not so much ones observation of the expressed emotion of another person as ones thought of the situation that the other person confronts. Sympathy usually requires knowledge of the cause of the emotion to be shared. If one approves of anothers passions as suitable to their objects, he thereby sympathizes with that person. Sympathy is the basis for ones judging of the appropriateness and merit of the feelings and actions issuing from these feelings. If the affections of the person involved in a situation are analogous to the emotions of the spectator, then those affections are appropriate. The merit of a feeling or an action flowing from a feeling is its worthiness of reward. If a feeling or an action is worthy of reward, it has moral merit. Ones awareness of merit derives from ones sympathy with the gratitude of the person benefited by the action. Ones sense of merit, then, is a derivative of the feeling of gratitude that is manifested in the situation by the person who has been helped.

　　Smith warns that each person must exercise impartiality of judgment in relation to his own feelings and behavior. Well aware of the human tendency to overlook ones own moral failings and the self-deceit in which individuals often engage, Smith argues that each person must scrutinize his own feelings and behavior with the same strictness he employs when considering those of others. Such an impartial appraisal is possible because a persons conscience enables him to compare his own feelings with those of others. Conscience and sympathy working together, then, provide moral guidance for man so that the individual can control his own feelings and have a sensibility for the affections of others.http://gre.xiaoma.com/

　　The Wealth of Nations

　　In 1764, Smith resigned his professorship to take up duties as a traveling tutor for the young Duke of Buccleuch and his brother. Carrying out this responsibility, he spent two years on the Continent. In Toulouse, he began writing his best-known work, An Inquiry into the Nature and Causes of the Wealth of Nations. While in Paris, he met Denis Diderot, Claude Adrien Helv閠ius, Baron Paul dHolbach, Fran鏾is Quesnay, A.R.J. Turgot, and Jacques Necker. These thinkers doubtless had some influence on him. His life abroad came to an abrupt end when one of his charges was killed.

　　Smith then settled in Kirkcaldy with his mother. He continued to work on The Wealth of Nations, which was finally published in 1776. His mother died at the age of 90, and Smith was grief-stricken. In 1778, he was made customs commissioner, and in 1784 he became a fellow of the Royal Society of Edinburgh. Smith apparently spent some time in London, where he became a friend of Benjamin Franklin. On his deathbed he demanded that most of his manuscript writings be destroyed. He died on July 17, 1790.

　　The Wealth of Nations, easily the best known of Smiths writings, is a mixture of descriptions, historical accounts, and recommendations. The wealth of a nation, Smith insists, is to be gauged by the number and variety of consumable goods it can command. Free trade is essential for the maximum development of wealth for any nation because through such trade a variety of goods become possible.

　　Smith assumes that if each person pursues his own interest, as in a laissez-faire economy, the general welfare of all will be fostered. He objects to governmental control, although he acknowledges that some restrictions are required. The capitalist invariably produces and sells consumable goods in order to meet the greatest needs of the people. In fulfilling his own interest, the capitalist automatically promotes the general welfare. In the economic sphere, says Smith, the individual acts in terms of his own interest rather than in terms of sympathy. Thus, Smith made no attempt to bring into harmony his economic and moral theories, which he set out in The Wealth of Nations and Theory of Moral Sentiments, respectively.

　　Economist and moral philosopher. Born June 5, 1723, in Kirkcaldy, Scotland. Smith抯 father had died two months before his birth, and a strong and lifelong attachment developed between Smith and his mother. As an infant, Smith was kidnapped, but he was soon rescued. At the age of 14, he enrolled in the University of Glasgow, where he remained for three years. The lectures of Francis Hutcheson exerted a strong influence on him. In 1740, he transferred to Balliol College, Oxford, where he remained for almost seven years, receiving a bachelor of arts degree in 1744. Returning then to Kirkcaldy, he devoted himself to his studies and gave a series of lectures on English literature. In 1748, he moved to Edinburgh, where he became a friend of David Hume, whose skepticism he did not share.

　　Theory of Moral Sentiments

　　In 1751, Smith started working as a professor of logic at the University of Glasgow; the following year he became a professor of moral philosophy. Eight years later, he published his Theory of Moral Sentiments. Smiths central notion in this work is that moral principles have social feeling or sympathy as their basis. Sympathy is a common or analogous feeling that an individual may have with the affections or feelings of another person. The source of this feeling is not so much ones observation of the expressed emotion of another person as ones thought of the situation that the other person confronts. Sympathy usually requires knowledge of the cause of the emotion to be shared. If one approves of anothers passions as suitable to their objects, he thereby sympathizes with that person. Sympathy is the basis for ones judging of the appropriateness and merit of the feelings and actions issuing from these feelings. If the affections of the person involved in a situation are analogous to the emotions of the spectator, then those affections are appropriate. The merit of a feeling or an action flowing from a feeling is its worthiness of reward. If a feeling or an action is worthy of reward, it has moral merit. Ones awareness of merit derives from ones sympathy with the gratitude of the person benefited by the action. Ones sense of merit, then, is a derivative of the feeling of gratitude that is manifested in the situation by the person who has been helped.

　　Smith warns that each person must exercise impartiality of judgment in relation to his own feelings and behavior. Well aware of the human tendency to overlook ones own moral failings and the self-deceit in which individuals often engage, Smith argues that each person must scrutinize his own feelings and behavior with the same strictness he employs when considering those of others. Such an impartial appraisal is possible because a persons conscience enables him to compare his own feelings with those of others. Conscience and sympathy working together, then, provide moral guidance for man so that the individual can control his own feelings and have a sensibility for the affections of others.http://gre.xiaoma.com/

　　The Wealth of Nations

　　In 1764, Smith resigned his professorship to take up duties as a traveling tutor for the young Duke of Buccleuch and his brother. Carrying out this responsibility, he spent two years on the Continent. In Toulouse, he began writing his best-known work, An Inquiry into the Nature and Causes of the Wealth of Nations. While in Paris, he met Denis Diderot, Claude Adrien Helv閠ius, Baron Paul dHolbach, Fran鏾is Quesnay, A.R.J. Turgot, and Jacques Necker. These thinkers doubtless had some influence on him. His life abroad came to an abrupt end when one of his charges was killed.

　　Smith then settled in Kirkcaldy with his mother. He continued to work on The Wealth of Nations, which was finally published in 1776. His mother died at the age of 90, and Smith was grief-stricken. In 1778, he was made customs commissioner, and in 1784 he became a fellow of the Royal Society of Edinburgh. Smith apparently spent some time in London, where he became a friend of Benjamin Franklin. On his deathbed he demanded that most of his manuscript writings be destroyed. He died on July 17, 1790.

　　The Wealth of Nations, easily the best known of Smiths writings, is a mixture of descriptions, historical accounts, and recommendations. The wealth of a nation, Smith insists, is to be gauged by the number and variety of consumable goods it can command. Free trade is essential for the maximum development of wealth for any nation because through such trade a variety of goods become possible.

　　Smith assumes that if each person pursues his own interest, as in a laissez-faire economy, the general welfare of all will be fostered. He objects to governmental control, although he acknowledges that some restrictions are required. The capitalist invariably produces and sells consumable goods in order to meet the greatest needs of the people. In fulfilling his own interest, the capitalist automatically promotes the general welfare. In the economic sphere, says Smith, the individual acts in terms of his own interest rather than in terms of sympathy. Thus, Smith made no attempt to bring into harmony his economic and moral theories, which he set out in The Wealth of Nations and Theory of Moral Sentiments, respectively.