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June 5 in Scottish History

On this day in 1723 the father of economics, Adam Smith, was born in Kirkcaldy. Author of the pioneering work, 'An Inquiry into the Nature and Causes of The Wealth of Nations'. In 1751 Smith was appointed professor of logic at Glasgow University, transferring in 1752 to the chair of moral philosophy. His lectures covered the field of ethics, rhetoric, jurisprudence and political economy, or "police and revenue." Smith moved to London in 1776, where he published "An Inquiry into the Nature and Causes of the Wealth of Nations," which examined in detail the consequences of economic freedom. It covered such concepts as the role of self-interest, the division of labour and the function of markets. "Wealth of Nations" established economics as an autonomous subject and launched the economic doctrine of free enterprise.

On 5 June 1865, Sir John Richardson, Scottish navigator, explorer, surgeon and naturalist, died. Richardson took part in Sir John Franklin's first two voyages to the Canadian Arctic in search of the north-west passage, and commanded an expedition to search for Franklin after he went missing in 1845. During these voyages Richardson surveyed more of the Canadian Arctic than any other explorer. Richardson was knighted in 1846, the year before leading the expedition to discover Franklin's whereabouts.