Biography

Smith was born in Kirkcaldy, Scotland, and at 15 years of age he was studying mathematics at Glasgow University, He graduated in 1740, before entering Balliol College Oxford until 1747. In 1751 he was appointed Professor of Logic at Glasgow University and then of Moral Philosophy until 1765.  

Smith travelled to the continent and was particularly interested in the work of the French economists and philosophers. He wrote several books, the most important of which was The Wealth of Nations (1776), which is still regarded as one of the most important books on economics ever written.  

It contained two important messages for management: the first was that organisation provided benefits, which he illustrated by being one of the first to describe the "division of labour" with his famous assessment of pin-making.  

The second message was that driving business was a dynamic force, which he described as the "invisible hand" that Cantillon had identified earlier in 1730 as the "entrepreneur".  

Read More