Purrsmith
CAPICAT
Scottish Philosopher & Economist (Scotland, 1723–1790)
Importance
Author of The Theory of Moral Sentiments and The Wealth of Nations; developed the concept of the “invisible hand,” division of labor, and ideas of free markets and self-interest leading to societal benefit; widely regarded as the father of modern economics and a foundational thinker for classical liberalism.
Lesser Known Facts
- Absent-Minded Professor Smith was notoriously absent-minded and easily lost in thought. He once put bread and butter into a teapot instead of tea, drank it, and complained it was the worst cup he had ever tasted.
- Tanning Pit Incident While enthusiastically explaining free trade during a factory tour, Smith walked straight into a large tanning pit full of chemicals and had to be rescued.
- Uncertain Origins His exact birth date is unknown (baptized June 1723), and his father died shortly before he was born. As a small child, he was briefly kidnapped by gypsies but quickly recovered.
- Burned Manuscripts On his deathbed, Smith ordered most of his unpublished papers and manuscripts destroyed, leaving scholars with significant gaps in understanding the full scope of his thought.
- Modest Later Life After achieving fame, Smith took a comfortable government post as Commissioner of Customs but lived modestly, donating much of his wealth to charity while maintaining a large personal library.