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Adam Smith: Oxford University
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What economists call the First Welfare Theorem, which emphasizes the role of prices in bringing about an efficient allocation of resources in a free-market economy, is only a part of Smith's more nuanced view. Referring to a contrast drawn by Smith between the institutional features of the Universities of Oxford and Glasgow and the incentives faced by professors at those two institutions to be good teachers, Smith had emphasized that the consequences of the pursuit of self-interest for social efficiency would depend on the characteristics of various institutions in cases in which the price mechanism is not operative. In this sense, Smith may be considered a forerunner of modern theorists who study the economics of incentives.
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At Balliol College, Oxford, Smith was subsequently taught in line with the traditions of Classical scholarship and ... seems to have interested himself privately in philosophy. He did not feel he was being educated in line with his own interests, he also fell into the disfavour of the authorities due to his taking a great interest in the "atheistic" philosophical works of David Hume. In the event he relinquished his scholarship and returned north to Edinburgh in 1746.
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