Kirkcaldy, Fife, Scotland was where Adam Smith was born. No one knows the exact date of Adam Smith birth, but he was baptized on June 5, 1723 and this is often used as the date of Adam Smith’s birth. Adam Smith’s father, who had died before Adam Smith’s birth, was a comptroller of customs. As a result of Adam Smith never really knowing his father, he was very close to his mother. His mother died at age ninety. Adam Smith died on July 17, 1790 of an illness in Edinburgh, Scotland.

There was an accident that happened in Adam Smith’s youthful days that needs to be mentioned. It is im

corrupts even the activity of his body, and renders him incapable of exerting his

Capitalism was a subject that Adam Smith believed in. The capitalism Adam Smith supported involved free trade, where the transaction of goods would be allowed without government control. In the market, buyers would have a choice to purchase among a variety of the same kind of goods sold by different sellers. The competition among the sellers would fuel development and improvement in the selfish economic pursuit of attracting consumers, and earning the most profit. The laws of the market would be the laws of supply and demand, where the balance between the supply of goods and the demand of them there would determine the value and production of those goods, adjusting to social trends and consumer preferences. A shortage of a product in demand would therefore result in the rise of its price, which would cause more production of that product and increased entry of the labor force into that product’s production. An oversupply of a product would lead to decreased profits and labor supply in that area, leading to investment and labor flow towards an area of higher demand. Efficiency and the use of the labor market would result in lower prices. The selfish nature of the enterprises involved in production for the sake of profit will induce competition, lower prices, technological advancements, and a better lifestyle. In trade, Adam Smith argued for product specialization. Because different areas have different climates and social situations, different products would be optimally produced at certain areas of the world. This specialization of products would lead to international harmony with the increase in trade for different product.

Adam Smith also believed in privacy. He addresses this through his view on collecting taxes. He states, “to subject every private family to the odious visits and examination of the tax-gathers, would be altogether inconsistent with liberty.” He was also against taxes on labour. He states, “in all cases, a direct tax upon the wages of labour must, in the long run, occasion both a greater reduction in the rent of land, and a greater rise in the price of manufactured goods, than would have followed from a proper assessment of a sum equal to the produce of the tax, partly upon the rent of land, and partly upon consumable commodities.

tender sentiment, and consequently of forming any just judgment concerning

Adam Smith was not against government being involved with certain aspects of the economy. He also knew that the government was responsible for its people to a certain degree. He supported government being involved in people’s lives as long as it did not interfere with freedom or the right to privacy. The following statement by Adam Smith explains what he meant by the government being involved with peoples working life:

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