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Adam Smith: Wealth of Nations, Invisible Hand & Classical Economics

Encyclopedia/6. Governance, Politics & Economy/1. Economics & Finance/03. Economic & Financial Biographies  •  Curated by Admin Timeline.sg

Timeline of Scottish philosopher and economist Adam Smith, author of 'The Wealth of Nations' and founder of classical economics.

Chronological Storyline (39 Milestones)

Jun 5, 1723 CE

Adam Smith Born in Kirkcaldy

Adam Smith is born in Kirkcaldy, Fife, Scotland. His father, also Adam Smith, was a lawyer and customs official. #history #economics

Adam Smith Born in Kirkcaldy
Adam Smith Born in Kirkcaldy
By Unknown author - https://www.nationalgalleries.org/art-and-artists/3787/adam-smith-1723-1790-political-economist, Public domain, https://commons.wikimedia.org/w/index.php?curid=20413810
1737 CE

Smith Enrolls at University of Glasgow

At age 14, Smith begins studying at the University of Glasgow under Francis Hutcheson. He studies moral philosophy and Greek classics. #education #philosophy

1740 CE

Smith Wins Snell Exhibition to Oxford

Smith wins a Snell Exhibition scholarship to Balliol College, Oxford. He studies at Oxford for six years, finding the curriculum lacking. #education #history

1746 CE

Smith Leaves Oxford

After completing his studies, Smith leaves Oxford without earning a degree, disillusioned with the university's teaching. #education

1748 CE

Smith Begins Public Lectures in Edinburgh

Smith delivers public lectures on rhetoric and literature in Edinburgh under the patronage of Lord Kames. These lectures help establish his reputation. #literature #philosophy

1751 CE

Smith Appointed Professor of Logic at Glasgow

Smith is elected Professor of Logic at the University of Glasgow, succeeding his former teacher. He later switches to moral philosophy. #academia #philosophy

1752 CE

Smith Becomes Professor of Moral Philosophy

Smith is appointed Professor of Moral Philosophy at Glasgow, a position he holds for 12 years. He covers ethics, rhetoric, jurisprudence, and political economy. #philosophy #economics

Apr 1, 1759 CE

Publication of 'The Theory of Moral Sentiments'

Smith's first major work, 'The Theory of Moral Sentiments', is published. It explores moral philosophy and the concept of sympathy, laying groundwork for his later economic ideas. #philosophy #books

Publication of 'The Theory of Moral Sentiments'
Publication of 'The Theory of Moral Sentiments'
By Adam Smith - https://www.jstor.org/stable/community.36665238?seq=2, Public domain, https://commons.wikimedia.org/w/index.php?curid=174408940
1762 CE

Smith Granted Doctorate of Laws

Smith receives an honorary Doctorate of Laws from the University of Glasgow. #academia

Feb 1, 1764 CE

Smith Resigns Professorship and Tutors Duke of Buccleuch

Smith resigns his professorship to become tutor to Henry Scott, the young Duke of Buccleuch. They embark on a grand tour of Europe. #education #history

Oct 1, 1764 CE

Smith Meets Voltaire in Geneva

During his tour with the Duke, Smith visits Voltaire in Geneva, discussing philosophy and literature. #philosophy #history

1765 CE

Smith Visits Physiocrats in France

In Paris, Smith meets François Quesnay and other physiocrats, whose economic theories influence his own work. #economics #history

Smith Visits Physiocrats in France
Smith Visits Physiocrats in France
By Unidentified painter - Heinz Rieter: Studien zur Entwicklung der ökonomischen Theorie IX. Verlag Duncker und Humboldt, Berlin, Public domain, https://commons.wikimedia.org/w/index.php?curid=5406209
1766 CE

Smith Returns to Kirkcaldy

After the Duke's brother dies in France, Smith returns to Kirkcaldy where he begins writing 'The Wealth of Nations'. #history

1767 CE

Smith Elected Fellow of the Royal Society of Arts

Smith becomes a fellow of the Royal Society of Arts, contributing to its promotion of innovation and industry. #science #society

Smith Elected Fellow of the Royal Society of Arts
Smith Elected Fellow of the Royal Society of Arts
By Royal Society of Arts - Own work based on: The RSA website, Public domain, https://commons.wikimedia.org/w/index.php?curid=137093674
1768 CE

Smith Begins Work on 'The Wealth of Nations'

Smith starts writing his magnum opus, 'An Inquiry into the Nature and Causes of the Wealth of Nations', over the next nine years. #economics #books

Smith Begins Work on 'The Wealth of Nations'
Smith Begins Work on 'The Wealth of Nations'
By Gerhard Streminger - http://members.aon.at/gstremin/zeit_smith.htm, Public domain, https://commons.wikimedia.org/w/index.php?curid=1388734
1773 CE

Smith Moves to London

Smith moves to London to complete and publish 'The Wealth of Nations', joining the intellectual circles including Benjamin Franklin. #history

Mar 9, 1776 CE

Publication of 'The Wealth of Nations'

Smith's landmark work, 'An Inquiry into the Nature and Causes of the Wealth of Nations', is published. It lays the foundations of classical economics, introducing concepts like the invisible hand and division of labor. #economics #books #classicaleconomics

1777 CE

Smith Appointed Commissioner of Customs for Scotland

Smith is appointed to the lucrative position of Commissioner of Customs for Scotland in Edinburgh, where he works until his death. #government #economics

1778 CE

Smith Moves to Edinburgh

Smith moves permanently to Edinburgh, residing at Panmure House. He continues writing and revising his works. #history

1783 CE

Smith Co-Founds the Royal Society of Edinburgh

Smith helps found the Royal Society of Edinburgh, serving as its first vice president. #science #society

Smith Co-Founds the Royal Society of Edinburgh
Smith Co-Founds the Royal Society of Edinburgh
By J. Dickson, Bookseller to the Royal Society - http://www.eoearth.org/article/Theory_of_the_Earth_(historical), CC BY-SA 2.5, https://commons.wikimedia.org/w/index.php?curid=19480330
1784 CE

Smith's Mother Dies

Smith's mother, Margaret Douglas, dies. Smith, who never married, had lived with her for most of his life. #personal

1785 CE

Smith Elected Fellow of the Royal Society of London

Smith is elected a Fellow of the Royal Society of London, recognizing his contributions to philosophy and economics. #science #honor

Smith Elected Fellow of the Royal Society of London
Smith Elected Fellow of the Royal Society of London
By Royal Society - https://royalsociety.org/, PD, https://en.wikipedia.org/w/index.php?curid=81747653
1786 CE

Smith Publishes 'Essays on Philosophical Subjects'

Smith publishes a collection of essays on astronomy, physics, and other philosophical topics, compiled posthumously later. #philosophy #books

1787 CE

Smith Appointed Rector of the University of Glasgow

Smith is elected Rector of the University of Glasgow, serving in an honorary capacity. #academia #honor

1789 CE

Smith Attends Birth of French Revolution

Smith follows the early events of the French Revolution, corresponding with Edmund Burke and others. #history #politics

Jul 17, 1790 CE

Death of Adam Smith

Adam Smith dies in Edinburgh at age 67 after a painful illness. He is buried in the Canongate Churchyard. His will orders destruction of unfinished manuscripts. #history #economics

1790 CE

Posthumous Publication of 'Essays on Philosophical Subjects'

Smith's 'Essays on Philosophical Subjects' is published posthumously, edited by his friends Joseph Black and James Hutton. #philosophy #books

1795 CE

Publication of Smith's Lectures on Jurisprudence

Smith's lectures on jurisprudence are published from student notes, providing insight into his legal philosophy. #law #philosophy

1805 CE

First Biography of Smith Published

Dugald Stewart publishes 'Account of the Life and Writings of Adam Smith', the first biography of Smith. #history #books

First Biography of Smith Published
First Biography of Smith Published
By Henry Raeburn - Art UK, Public domain, https://commons.wikimedia.org/w/index.php?curid=91935920
1867 CE

Karl Marx References Smith in 'Das Kapital'

Karl Marx extensively cites Smith's labor theory of value in his critique of political economy. #economics #philosophy

Karl Marx References Smith in 'Das Kapital'
Karl Marx References Smith in 'Das Kapital'
By Zentralbibliothek Zürich - This document was created as part of the Zentralbibliothek Zürich project., Public domain, https://commons.wikimedia.org/w/index.php?curid=33666954
1904 CE

Publication of 'The Wealth of Nations' Cannan Edition

Edwin Cannan's scholarly edition of 'The Wealth of Nations' becomes standard for modern study. #economics #books

Publication of 'The Wealth of Nations' Cannan Edition
Publication of 'The Wealth of Nations' Cannan Edition
By Unknown author - Flickr Commons, No restrictions, https://commons.wikimedia.org/w/index.php?curid=15986737
1930 CE

Smith's Manuscripts Discovered

A collection of Smith's early lectures and writings is discovered, including 'Lectures on Rhetoric and Belles Lettres'. #history #philosophy

1952 CE

Adam Smith Stamp Issued by UK

The British Post Office issues a stamp honoring Adam Smith as part of its 'Famous Men' series. #philately #history

1963 CE

Adam Smith Institute Founded

The Adam Smith Institute, a free-market think tank, is established in London. #economics #politics

1976 CE

Bicentenary of 'The Wealth of Nations' Celebrated

The 200th anniversary of Smith's magnum opus is celebrated with conferences and publications worldwide. #economics #history

1990 CE

Smith's Image Appears on UK Banknote

Adam Smith's portrait appears on the £20 note issued by the Bank of England (later replaced by others). #economics #currency

2007 CE

Smith's Statue Unveiled in Edinburgh

A statue of Adam Smith is unveiled on the Royal Mile in Edinburgh, commemorating his contributions. #history #art

2010 CE

Glasgow University Adam Smith Business School Named

The University of Glasgow renames its business school to 'Adam Smith Business School' in his honor. #education #economics

2016 CE

Smith's Manuscripts Digitized

The University of Glasgow digitizes Adam Smith's manuscripts, making them available online. #technology #history