"economy"" to ""economics"" as a shorter term for ""economic science"". At that time, it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. There are a variety of modern definitions of economics; some reflect evolving views of the subject or different views among economists. Scottish philosopher Adam Smith (1776) defined what was then called political economy as ""an inquiry into the nature and causes of the wealth of nations"", in particular as: Jean-Baptiste"
"could subsist a month, and scarce any a year without employment. In the long run, the workman may be as necessary to his master as his master is to him, but the necessity is not so immediate. Informational notes Citations Bibliography Adam Smith Adam Smith ( 1723 – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment. Smith wrote two classic works, ""The Theory of Moral Sentiments"" (1759) and ""An Inquiry into the Nature and Causes of the Wealth of"
"with an absolute magnitude of 13.22. This minor planet was named for the economist Adam Smith (1723–1790), Scottish moral philosopher and principal figure in the Scottish Enlightenment. Known for his works ""The Theory of Moral Sentiments"" (1759) and ""An Inquiry into the Nature and Causes of the Wealth of Nations"" (1776), he introduced the concept of the division of labour which represents a qualitative increase in productivity, and suggested that self-interest and competition can lead to economic prosperity. The approved naming citation was published by the Minor Planet Center 30 July 2007 . 12838 Adamsmith 12838 Adamsmith, provisional designation ,"
"James Mill James Mill (born James Milne, 6 April 1773 – 23 June 1836) was a Scottish historian, economist, political theorist, and philosopher. He is counted among the founders of the Ricardian school of economics. His son, John Stuart Mill, was also a noted philosopher of liberalism, utilitarianism and the civilizing mission of the British Empire. Although he never set foot in India at any time in his life, James Mill took upon himself the task of writing the monumental ""History of British India"", a classic of colonial self-congratulation which contains a complete denunciation and rejection of Indian culture and"
"Adam Ferguson Adam Ferguson, FRSE (Scottish Gaelic: ""Adhamh MacFhearghais""), also known as Ferguson of Raith (1 July N.S./20 June O.S. 1723 – 22 February 1816), was a Scottish philosopher and historian of the Scottish Enlightenment. Ferguson was sympathetic to traditional societies, such as the Highlands, for producing courage and loyalty. He criticized commercial society as making men weak, dishonourable and unconcerned for their community. Ferguson has been called ""the father of modern sociology"" for his contributions to the early development of the discipline. His most well known work is his ""Essay on the History of Civil Society"". Born at Logierait"
"laid a wreath to mark the bicentennial of Anderson's death. John Anderson (natural philosopher) John Anderson (26 September 1726 – 13 January 1796) was a Scottish natural philosopher and liberal educator at the forefront of the application of science to technology in the industrial revolution, and of the education and advancement of working men and women. He was a joint founder of the Royal Society of Edinburgh, and was the posthumous founder of Anderson's College (later Anderson's Institution), which ultimately evolved into the University of Strathclyde. Anderson was born at the manse at Rosneath, the son of Rev James Anderson,"
"Adam Smith School of Economics and Finance The Adam Smith Business School (formerly known as 'Adam Smith School of Economics and Finance') at Glasgow University continues an academic record which dates back to the father of economics, Adam Smith (1723–1790). Serving as Professor of Moral Philosophy, he published a series of seminal works such as The Theory of Moral Sentiments, The Wealth of Nations and Lectures on Jurisprudence; the culmination of which set a foundational precedent for classical economic theory 300 years after the university's inception in 1451. The school continues research in international finance, international economics and macroeconomics. As"
"as ""The Wealth of Nations"", is considered his ""magnum opus"" and the first modern work of economics. Smith is widely cited as the father of modern economics. Smith studied moral philosophy at the University of Glasgow and the University of Oxford. After graduating, he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published ""The Theory of Moral Sentiments"". Jeremy Bentham (1748–1832) is well known for beginning the tradition of classical utilitarianism in"
"an economy is for the rate of profit to decline due to diminishing returns in agriculture and increase in population at a Malthusian rate John Stuart Mill John Stuart Mill (20 May 1806 – 8 May 1873), usually cited as J. S. Mill, was a British philosopher, political economist, and civil servant. One of the most influential thinkers in the history of liberalism, he contributed widely to social theory, political theory, and political economy. Dubbed ""the most influential English-speaking philosopher of the nineteenth century"", Mill's conception of liberty justified the freedom of the individual in opposition to unlimited state and"
"precursor to the modern academic discipline of economics. In this and other works, he developed the concept of division of labour and expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirised by Tory writers in the moralising tradition of William Hogarth and Jonathan Swift. In 2005, ""The Wealth of Nations"" was named among the 100 best Scottish books of all time. Smith was born in Kirkcaldy, in the County of Fife, Scotland. His father, also Adam Smith, was a Scottish"
"his uncle in Old Calton Cemetery. David Hume David Hume (; born David Home; 7 May 1711 NS – 25 August 1776) was a Scottish Enlightenment philosopher, historian, economist, and essayist, who is best known today for his highly influential system of philosophical empiricism, skepticism, and naturalism. Hume's empiricist approach to philosophy places him with John Locke, George Berkeley, Francis Bacon and Thomas Hobbes as a British Empiricist. Beginning with his ""A Treatise of Human Nature"" (1739), Hume strove to create a total naturalistic science of man that examined the psychological basis of human nature. Against philosophical rationalists, Hume held"
"John Maynard Keynes John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20th century. Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. During the Great Depression of the 1930s, Keynes spearheaded a revolution"
"John Stuart Mill John Stuart Mill (20 May 1806 – 8 May 1873), usually cited as J. S. Mill, was a British philosopher, political economist, and civil servant. One of the most influential thinkers in the history of liberalism, he contributed widely to social theory, political theory, and political economy. Dubbed ""the most influential English-speaking philosopher of the nineteenth century"", Mill's conception of liberty justified the freedom of the individual in opposition to unlimited state and social control. Mill was a proponent of utilitarianism, an ethical theory developed by his predecessor Jeremy Bentham. He contributed to the investigation of scientific"
"David Hume David Hume (; born David Home; 7 May 1711 NS – 25 August 1776) was a Scottish Enlightenment philosopher, historian, economist, and essayist, who is best known today for his highly influential system of philosophical empiricism, skepticism, and naturalism. Hume's empiricist approach to philosophy places him with John Locke, George Berkeley, Francis Bacon and Thomas Hobbes as a British Empiricist. Beginning with his ""A Treatise of Human Nature"" (1739), Hume strove to create a total naturalistic science of man that examined the psychological basis of human nature. Against philosophical rationalists, Hume held that passion rather than reason governs"
"John Anderson (natural philosopher) John Anderson (26 September 1726 – 13 January 1796) was a Scottish natural philosopher and liberal educator at the forefront of the application of science to technology in the industrial revolution, and of the education and advancement of working men and women. He was a joint founder of the Royal Society of Edinburgh, and was the posthumous founder of Anderson's College (later Anderson's Institution), which ultimately evolved into the University of Strathclyde. Anderson was born at the manse at Rosneath, the son of Rev James Anderson, Argyll and Bute. His father and grandfather were prominent ministers"
"Classical economics Classical economics or classical political economy is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's ""The Wealth of Nations"" in 1776 is usually considered to mark the beginning of classical economics. The fundamental message in"
"from obtaining chairs at Glasgow and Edinburgh. He and other Scottish Enlightenment thinkers developed what he called a 'science of man', which was expressed historically in works by authors including James Burnett, Adam Ferguson, John Millar and William Robertson, all of whom merged a scientific study of how humans behave in ancient and primitive cultures with a strong awareness of the determining forces of modernity. Indeed, modern sociology largely originated from this movement. Adam Smith's ""The Wealth of Nations"" (1776) is considered to be the first work of modern economics. It had an immediate impact on British economic policy and"
"Dugald Stewart Dugald Stewart (; 22 November 175311 June 1828) was a Scottish philosopher and mathematician. He is best known for popularizing the Scottish Enlightenment and his lectures at the University of Edinburgh were widely disseminated by his many influential students. In 1783 he was a joint founder of the Royal Society of Edinburgh. In most contemporary documents he is referred to as Prof Dougal Stewart. He was the son of Matthew Stewart (1715–1785), professor of mathematics at the University of Edinburgh (1747–1772), and was born in his father's quarters at Old College. His mother was Marjory Stewart, his father's"
"protégés David Hume (1711–76), who became a major figure in the sceptical philosophical and empiricist traditions of philosophy, and Adam Smith (1723–90), whose ""The Wealth of Nations"", (1776) is considered to be the first work of modern economics. Hugh Blair (1718–1800) was a minister of the Church of Scotland and held the Chair of Rhetoric and Belles Lettres at the University of Edinburgh. He produced an edition of the works of Shakespeare and is best known for ""Sermons"" (1777-1801), Lectures on Rhetoric and ""Belles Lettres"" (1783). The focus of the Scottish Enlightenment ranged from intellectual and economic matters to the"
"economics. It had an immediate impact on British economic policy and still frames discussions on globalisation and tariffs. Key scientific work included the discoveries of William Cullen, physician and chemist, James Anderson, an agronomist, Joseph Black, physicist and chemist, and James Hutton, the first modern geologist. While the Scottish Enlightenment is traditionally considered to have concluded toward the end of the eighteenth century, disproportionately large Scottish contributions to British science and letters continued for another 50 years or more, thanks to such figures as James Hutton, James Watt, William Murdoch, James Clerk Maxwell and Lord Kelvin. After the union with"
"to MacLaren's foundation web site he married twice, had two daughters and lived in Hammersmith and later Hampstead and Oxfordshire. Leon MacLaren Leon MacLaren, born Leonardo da Vinci MacLaren, (1910–1994) was a British philosopher and the founder of the School of Economic Science (SES). MacLaren was inspired by Henry George, Socrates, Dr Francis Roles, Pyotr Ouspensky, Maharishi Mahesh Yogi, and finally the philosophy of Advaita Vedānta through the Shankaracharyas of Jyoti Math. MacLaren was born in Glasgow on 24 September 1910. He was the son of Andrew MacLaren, a Labour Member of Parliament who was a staunch advocate of Henry"
"Adam Smith Professor of Political Economy The Adam Smith Chair of Political Economy is a chair at the University of Glasgow, named for Adam Smith, pioneering economist, author of ""The Wealth of Nations"", and one of the university's most famous sons. It was established in 1896 from a lectureship which had been endowed in 1892 by Andrew Stewart, founder of Stewarts & Lloyds tube-manufacturers. Occupants are appointed by the University Court acting with a representative of the Merchants' House of Glasgow, the Trades House of Glasgow and the Chamber of Commerce of Glasgow. The first occupant of the chair was"
"Leon MacLaren Leon MacLaren, born Leonardo da Vinci MacLaren, (1910–1994) was a British philosopher and the founder of the School of Economic Science (SES). MacLaren was inspired by Henry George, Socrates, Dr Francis Roles, Pyotr Ouspensky, Maharishi Mahesh Yogi, and finally the philosophy of Advaita Vedānta through the Shankaracharyas of Jyoti Math. MacLaren was born in Glasgow on 24 September 1910. He was the son of Andrew MacLaren, a Labour Member of Parliament who was a staunch advocate of Henry George. Schooled at Rutlish School in Wimbledon, MacLaren later became attracted to the law and trained as a barrister. MacLaren's"
"Herbert Spencer Herbert Spencer (27 April 1820 – 8 December 1903) was an English philosopher, biologist, anthropologist, sociologist, and prominent classical liberal political theorist of the Victorian era. Spencer developed an all-embracing conception of evolution as the progressive development of the physical world, biological organisms, the human mind, and human culture and societies. As a polymath, he contributed to a wide range of subjects, including ethics, religion, anthropology, economics, political theory, philosophy, literature, astronomy, biology, sociology, and psychology. During his lifetime he achieved tremendous authority, mainly in English-speaking academia. ""The only other English philosopher to have achieved anything like such"
"an Ayrshire poet and lyricist, is now widely regarded as the national poet of Scotland and became a major figure in the Romantic movement. As well as making original compositions, Burns also collected folk songs from across Scotland, often revising or adapting them. Burns's poetry drew upon a substantial familiarity with and knowledge of Classical, Biblical, and English literature, as well as the Scottish Makar tradition. Adam Smith developed and published ""The Wealth of Nations"", the starting point of modern economics. This study, which had an immediate impact on British economic policy, still frames discussions on globalisation and tariffs. The"
"which they form a part. Prices must determine themselves, and cannot be fixed by law; and all forcible interference with them does harm instead of good. No people can become rich by state regulations, only by peace, industry, freedom and unimpeded economic activity. North was named by Wilhelm Roscher as one of the triumvirate of the 17th century English school of economists to the foremost place in Europe, the others being John Locke and William Petty. Dudley North (economist) Sir Dudley North (16 May 1641 in Westminster31 December 1691 in London) was an English merchant, politician and economist, a writer"
"James Anderson of Hermiston James Anderson FRSE FSA(Scot) (1739 – 15 October 1808) was a Scottish agriculturist, journalist and economist. A member of the Edinburgh Philosophical Society, Anderson was a prominent figure in the Scottish Enlightenment. He invented the Scotch plough. Anderson was born at Hermiston, Midlothian and while still young attended lectures on chemistry by William Cullen, at Edinburgh University. At age of 15, after the death of his parents, he took over the working of the family farm. In 1777 Anderson published ""An Enquiry into the Nature of the Corn Laws"", in which he anticipated David Ricardo's theory"
"framed discussions on globalisation and tariffs. The focus of the Scottish Enlightenment ranged from intellectual and economic matters to the specifically scientific as in the work of the physician and chemist William Cullen, the agriculturalist and economist James Anderson, chemist and physician Joseph Black, natural historian John Walker and James Hutton, the first modern geologist. With tariffs with England now abolished, the potential for trade for Scottish merchants was considerable. However, Scotland in 1750 was still a poor rural, agricultural society with a population of 1.3 million. Some progress was visible: agriculture in the Lowlands was steadily upgraded after 1700"
"of 2016 the business school offered four undergraduate, 35 postgraduate as well as various Ph.D. dDegrees and is one of few institutions holding the honourable triple crown accretidation. Adam Smith School of Economics and Finance The Adam Smith Business School (formerly known as 'Adam Smith School of Economics and Finance') at Glasgow University continues an academic record which dates back to the father of economics, Adam Smith (1723–1790). Serving as Professor of Moral Philosophy, he published a series of seminal works such as The Theory of Moral Sentiments, The Wealth of Nations and Lectures on Jurisprudence; the culmination of which"
"John Law (economist) John Law (""baptised"" 21 April 1671 – 21 March 1729) was a Scottish economist who believed that money was only a means of exchange that did not constitute wealth in itself and that national wealth depended on trade. He was appointed Controller General of Finances of France under the Duke of Orleans, who served as regent for the youthful king, Louis XV. In 1716 Law established the Banque Générale, a private bank, in France. Three-quarters of the capital consisted of government bills and government-accepted notes, effectively making it the first central bank of the nation. He was"
"Ricardian economics Ricardian economics are the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker. At the age of 27, he read ""An Inquiry into the Nature and Causes of Wealth of Nations"" by Adam Smith and was energized by the theories of economics. His main economic ideas are contained in ""On the Principles of Political Economy and Taxation"" (1817). This set out a series of theories which would later become theoretical underpinnings of both Marx's ""Das Kapital"" and Marshallian economics, including the theory of economic rent,"
"much more cheaply and largely unsupervised, at home, with friends or in lodgings in the university towns. The system was flexible and the curriculum became a modern philosophical and scientific one, in keeping with contemporary needs for improvement and progress. Scotland reaped the intellectual benefits of this system in its contribution to the European Enlightenment. Many of the key figures of the Scottish Enlightenment were university professors, who developed their ideas in university lectures. They included Francis Hutcheson (1694-1746), who held the Chair of Philosophy at the University of Glasgow from 1729 to 1746, whose ideas were developed by his"
"John Locke John Locke (; 29 August 1632 – 28 October 1704) was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers and commonly known as the ""Father of Liberalism"". Considered one of the first of the British empiricists, following the tradition of Sir Francis Bacon, he is equally important to social contract theory. His work greatly affected the development of epistemology and political philosophy. His writings influenced Voltaire and Jean-Jacques Rousseau, many Scottish Enlightenment thinkers, as well as the American revolutionaries. His contributions to classical republicanism and liberal theory are reflected in"