Questions what is the main features of the socialist economy?

Early life and education of A. Smith

Key words: Smith’s (1723-1790) life,

Answer: Adam Smith, born in rural Scotland in 1723, was kidnapped by gypsies at the age of four but returned to his family. A student at Oxford, he was Professor of Moral Philosophy at the University of Glasgow at twenty-eight and established himself as a central figure in European intellectual life in 1759 with the publication of The Theory of Moral Sentiments. This led to the opportunity to tour France as the private tutor of a young member of the nobility and allowed him to meet the leading French economist of the day, François Quesnay, whose tableau économque, an anticipation of modern input-output tables, depicted the interdependent nature of the flow of goods and services throughout the economy. In 1759, he published his Theory of Moral Sentiments, a work that spread to both Germany and France, a work that he kept revising right up to his death in 1790.

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