Podcast
Questions and Answers
Which of the following is NOT true about Adam Smith?
Which of the following is NOT true about Adam Smith?
- He was a professor of philosophy at the University of Glasgow
- He believed people always act in the best interests of society (correct)
- He was a Scottish philosopher
- He published 'The Wealth of Nations' in 1776
What did Adam Smith's book 'The Theory of Moral Sentiments' focus on?
What did Adam Smith's book 'The Theory of Moral Sentiments' focus on?
- The principles of free trade
- The importance of self-interest in economics
- Human nature and ethics (correct)
- The role of government in regulating markets
According to the passage, what did Smith believe about the capacity for humans to care about others?
According to the passage, what did Smith believe about the capacity for humans to care about others?
- People only cared about others if it benefited themselves
- People's capacity to care about others was limited by their selfishness
- All people had the capacity to care about others (correct)
- Only those who acted in their self-interest cared about others
What is the 'invisible hand' that Smith referred to?
What is the 'invisible hand' that Smith referred to?
What was Adam Smith's view on self-interest in economic matters?
What was Adam Smith's view on self-interest in economic matters?
Which of the following is true about Adam Smith's early life?
Which of the following is true about Adam Smith's early life?
What did Adam Smith often argue for in Glasgow debating societies?
What did Adam Smith often argue for in Glasgow debating societies?
In what year did Adam Smith publish 'The Wealth of Nations'?
In what year did Adam Smith publish 'The Wealth of Nations'?
What was Adam Smith's occupation at the University of Glasgow?
What was Adam Smith's occupation at the University of Glasgow?
Which of the following statements is NOT supported by the passage?
Which of the following statements is NOT supported by the passage?
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Study Notes
Adam Smith's Life and Works
- Born in 1723 in Kirkcaldy, Scotland, as the son of a customs official
- Entered the University of Glasgow at 14, and later attended Oxford in England to study philosophy
- Became a professor of philosophy at Glasgow in 1751
The Theory of Moral Sentiments (1759)
- Explored human nature and ethics
- Argued that all people have the capacity to care about others, despite their selfish nature
- Believed that people's self-interest leads to unintentional benefits for society
The Wealth of Nations (1776)
- Published in 1776, a influential book on market economics
- Introduced the concept of the "invisible hand" that guides individuals to act in ways that benefit society
Key Concepts
- Argued that people acting in their self-interest can lead to benefits for society
- Believed in free trade and its advantages
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