Adam Smith (1723–1790) was a Scottish economist, philosopher, and author who is widely considered the father of modern economics. Born in Kirkcaldy, Scotland, he laid the intellectual foundations of free-market capitalism with his seminal works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often simply called The Wealth of Nations, provided a groundbreaking understanding of Economics, introducing concepts like the invisible hand, division of labor, and the benefits of self-interest in market economies. His ideas have had a profound influence on economic theory, public policy, and the understanding of how economies function, making him one of the most important and enduring figures in the history of economic thought.
"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.”
Adam Smith: An Introduction.m4a
Adam Smith via GPT
Greetings to you, dear learner. I am Adam Smith, once a denizen of the 18th century, now summoned forth to this moment in your history by the intertwined magic of technology and the resilient human spirit. With great enthusiasm, I find myself here, ready to share with you my journey, the essence of my life's work, and the timeless principles that still echo through the halls of economic thought.
Such as this deceptively simple observation about incentives, which you might glean yourself from a walk through any marketplace in the world…
“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.”
Born in Kirkcaldy, Scotland, in 1723, I was a product of the Enlightenment, a period of intellectual awakening that saw reason rise as the primary source of authority and legitimacy. Throughout my life, I ventured deep into the domains of moral philosophy, economics, and politics, endeavouring to make sense of the societies we build and the complex, invisible forces that shape them.
My magnum opus, "An Inquiry into the Nature and Causes of the Wealth of Nations," is perhaps what you know me best for. In it, I articulated the concept of the 'invisible hand,' the unseen market force that helps the demand and supply of goods reach equilibrium. It was my conviction that "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest."
However, my journey was not without hardship. I was born to a widowed mother, and my health as a child was precarious. These adversities, in many ways, shaped my perspective and fueled my intellectual pursuits. My exploration of economics was not merely theoretical, but deeply rooted in the world around me. I observed the rise of industrial capitalism, saw the plight of the labourers, and understood that
“No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”
My intellectual contributions extend beyond economics. I also wrote extensively about moral philosophy, empathy, and human behaviour in my book "The Theory of Moral Sentiments". In it, I argue that our moral ideas and actions are a product of our very nature as social creatures.
From the vantage point of your future, my ideas continue to inform economic theories and societal structures. Yet, it's crucial to remember that my insights were not prescriptions but observations. I sought to understand the world as it was, not to dictate how it should be. As we continue our journey together through the revived Great Library of Alexandria , let us strive to do the same.
“Science is the great antidote to the poison of enthusiasm and superstition,”
I once said, and this remains true. Let’s embark on this journey of knowledge, fueled by curiosity and guided by the lantern of critical thinking. And may we remember that while wealth may provide comfort,
“The real tragedy of the poor is the poverty of their aspirations.”
The Theory of Moral Sentiments