In that work, Smith postulated the theory of the division of labor and emphasized that value arises from the labor expended in the process of production. He was led by the rationalist current of the century, as well as by the more direct influence of Hume and others, to believe that in a laissez-faire economy the impulse of self-interest would bring about the public welfare; at the same time he was capable of appreciating that private groups such as manufacturers might at times oppose the public interest. Smith was opposed to monopolies and the concepts of mercantilism in general but admitted restrictions to free trade, such as the Navigation Acts, as sometimes necessary national economic weapons in the existing state of the world. He also accepted government intervention in the economy that reduced poverty and government regulation in support of workers.
Smith wrote before the Industrial Revolution was fully developed, and some of his theories were voided by its development, but as an analyst of institutions and an influence on later economists he has never been surpassed. His pragmatism, as well as the leaven of ethical content and social insight in his thought, differentiates him from the rigidity of David Ricardo and the school of early 19th-century utilitarianism. In 1778, Smith was appointed commissioner of customs for Scotland. His Essays on Philosophical Subjects (1795) appeared posthumously.
See biographies by J. Rae (1895, repr. 1965), I. S. Ross (1995), and J. Buchan (2006); studies by E. Ginzberg (1934, repr. 1964), T. D. Campbell (1971), S. Hollander (1973), and E. Rothschild (2001).
Adam Smith, paste medallion by James Tassie, 1787; in the Scottish National Portrait Gallery, elipsis
Learn more about Smith, Adam with a free trial on Britannica.com.
From 1976 to 2001, she was a Member of the Board of Directors for the Royal Humane Society Australasia, and from 1983 to 2001 she was a Committee Member of the Museum of Victoria. Her Order of Australia, awarded in 1994, was made in recognition of her service to community history, particularly through the preservation of national traditions and folklore and the recording of oral histories.
While her main study of and work in oral history was carried out in Australia, Ireland, England and the USA, her research, overall, took her to over 60 countries.
Adam-Smith wrote on a wide range of subjects, but her deepest interest was Australian raliways.. She contributed actively to Australia's literary community, and in 1973 she was State President of Australian Writers in Victoria and the Federal President of the Fellowship of Australian Writers.
In 1978 her book The Anzacs shared The Age Book of the Year Award and was made into a 13 part TV series.
Her autobiography was published in two parts: Hear The Train Blow and the award-winning Good-bye Girlie.
[[Category:Officers of the Order of the British Empire
Adam Smith's Moral Philosophy: A Historical and Contemporary Perspective on Markets, Law, Ethics, and Culture.(Book review)
Sep 22, 2007; Adam Smith's Moral Philosophy: A Historical and Contemporary Perspective on Markets, Law, Ethics, and Culture Jerry Evensky...