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Adam Smith, born in 1723, was a Scottish economist, philosopher, and author. He is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford. Smith laid the foundations of classical free market economic theory. “The Wealth of Nations” was a precursor to the modern academic discipline of economics. In this and other works, he developed the concept of division of labour, and expounded upon how rational self-interest and competition can lead to economic prosperity.
Adam Smith, political theory
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