Everyone who has read Eugene Onegin knows that Pushkin's hero “Homer, Theocritus, he jeered, But Adam Smith to read appeared, and at economy was great.” Thanks to the great Russian poet: this Scottish economist and philosopher is now known to every reader, even if the reader is far from Economics, however, without the details, which are also entertaining. Adam Smith was born close to Edinburgh, the capital of Scotland. He received an excellent education, first at Glasgow and then at Oxford. Later he became a lecturer at Glasgow University himself and even served as its dean. He lectured on moral philosophy, which in those days actually combined theology, jurisprudence, ethics and political economy. Adam Smith expressed his economic views in books, the best known of which is An Inquiry into the Nature and Cause of the Wealth of Nations. Adam Smith believed that the wealth of nations will stem from free economy, and hence he is now considered the father of classical liberal economic theory. Adam Smith described the functioning of the free market, and it has been the basis of economic education ever since. Anyone who is not a complete stranger to economic theory has heard of the “invisible hand of the market.” “In order to bring the state up from the lowest stage of barbarism to the highest stage of prosperity,” Adam Smith wrote, “only three conditions are needed: first, internal and external peace; second, a tolerant management of the state; and third, reasonable taxation. The natural course of things will do the rest.” And according to Adam Smith, a purse should not be worth more than you are going to put in it.
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