300th Anniversary of Adam Smith
Wed, Jun 7th 2023 at 12:50 pm - 2:00 pm
Professor Gavin Reid gave an in depth account of Adam Smith
Followed by Club AGM at 2.30
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It is almost exactly three hundred years since the birth of Adam Smith, the father of economics, a Fifer born in Kirkcaldy who became the foremost economist of his time and whose influence remains significant today. The Club was singularly fortunate to have as its speaker this week Professor Gavin Reid of St Andrews University, an authority on Adam Smith. Adam Smith’s connections were not with St Andrews University but with Glasgow University where he established his reputation with the development of ‘political economy’, now known as ‘economics’. Professor Reid highlighted Adam Smith’s influence both in the UK and overseas, especially in France. While primarily developing his economic theories, he expanded his writing into philosophical concepts as they related specifically to economic theory. Professor Reid made reference to Smith’s two seminal works, 'The Wealth of Nations’ and 'The theory of Moral Sentiment’ and the importance of these works to the development of modern economics. These argued that, provided a nation had a fair system of laws and regulations in place, there was no harm in business competing. 'The Wealth of Nations' argued that his concept of ‘division of labour’ would create a circular flow of economic activity which, through increasingly smaller units of business, would create a bigger and better economy indefinitely. Demand and supply would determine price.
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