Adam Smith is the pioneer name in the field of political economy. Basically he was a Scottish philosopher and was a moral dignitary. His main contribution was towards the establishment of the political economy.
Importance of Adam Smith in field of economics
He has been the main figure who played a very positive and productive role during the times of Scottish Enlightenment. He is famous for many important classic works in the field of philosophical and political economy. His theories are recognized these days and are world famous. Many of his theories are recognized as the magnum opus of the world of politics and economics these days.
His services for economics
He is considered as the pioneer of the world economics. Due to his services in this field and pioneering activities, he is recognized as the Father of Modern Economics and his works are recognized all over the world. Even nowadays, he is recognized among the most proficient and the most influential thinkers of the field of modern economics. Basically he was the student of social philosophy and got benefitted form the scholarship as well when he was at Balliol, in Oxford. He also delivered some very fruitful lectures after he graduated from Oxford in the University of Edinburgh. In this way he got world wide fame.
Research work by Adam Smith
After his lectures, when his fame was wide spread, he was invited to work further and do research in the topic of economics especially when his work in the field was also published. After that, he was invited to work in collaboration with David Hume and both of them contributed a lot towards the development of theories and strengthening the era of Scottish Enlightenment. After that he got the professorship in Glasgow and served there for a long time. He travelled throughout Europe and delivered lectures on the subject matter of economics.
Adam Smith Institute
In the honor of the Great Adam Smith, an institute was established in his name after he died in 1790. This institute is presently one of the leading think tanks of the world. It is an independent and non profit organization and it works for the promotion of libertarian and free market ideas and services.
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