The Bagpiper

A Newsletter for Erwin & Related Families

Volume 3, Issue 4                          Sub Sole Sub Umbra Virens                    September 2005

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Adam Smith (1723-1790) was born in Kirkcakdy, Scotland, and educated at the Universities of Glasgow and Oxford. During the period 1748 to 1751 he lectured in Edinburgh. During this time a close relationship developed between Smith and Scottish philosopher David Hume, which contributed a great deal to the development of Smith's ehical and economic theories.

In his famous treatise, The Wealth of Nations, Adam Smith argued that private competition, free from regulation, produces and distributes wealth better than government-regulated markets. Since 1776, when Smith produced his work, his argument has been used to justify capitalism and discourage government intervention in trade and exchange. Smith believed that private businesses seeking their own interests organize the economy most efficiently, "as if by an invisible hand." Although there has been considerable modification by economists since Smith's time, many sections of his work have continued to form the basis for theoretical study in the field of economy.

 

Looking back...some Erwin photos of yesteryear.

Point to see description; double-click to see enlargement