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Adam Smith was born in Kirkcaldy, Fife. As a child, he demonstrated an absence of mind, which was to be a characteristic throughout his life. He was educated at Glasgow and Oxford, and in 1751 was appointed Professor of logic at Glasgow University. Eight years later he published his Theory of Moral Sentiments, which established his reputation as an author.
The Wealth of Nations, which had been about ten years in writing, was an im-mediate success and secured Smith's financial future. In the following year he made his home in Panmure House, which still stands in the Canongate.
Adam Smith founded the science of political economy. The basic doctrine of the Wealth of Nations was that labor is the only source of a nation's wealth. Smith advocated division of labor in the productive process, stressed the importance of individual enterprise and argued the benefits of free trade. The true wealth of a nation, he held, lay not in gold but in the achievement of an abundance of the necessities of life. He warned against unnecessary intervention by the state in this process.
Smiths major thesis in the Wealth of Nations was that, except for limited functions (defense, justice, certain public works), the state should refrain from interfering with the economic life of the nation, this policy is often called, "laissez-faire". He did not view favorably the motives of merchants and businessmen. "People of the same trade," he wrote, "seldom meet together, even for merriment and diversion, but the conversation ends in conspiracy against the public, or in some contrivance to raise prices." He suggested, however, that businessmen seeking their own interest are led "as if by an invisible hand" to promote the well being of society.
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The position is supported in the Wealth of Nations by an elaborate analysis of how economic systems function and develop over time. Smith sought to show how competition in the marketplace would lead businessmen to supply the goods consumers want, to produce these goods efficiently, and to charge only what they are worth. He saw monopoly, whether private or state-imposed, as the evil to be combated, and competition as promoting the best interests of society. He further argued that economic growth, which depends upon capital accumulation and an increased division of labor, would be promoted best by private rather than public efforts. People would save and invest for the future because of the inherent desire of individuals to better their own condition.
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