Often called the founder of modern economics, Adam Smith, born in Kirkcaldy, Scotland, June 5, 1723, was a wide-ranging social philosopher and economist whose masterwork, "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776), is one of the most influential studies of Western civilization. Smith's intellectual interests were extensive. He wrote an important philosophical treatise, "The Theory of Moral Sentiments (1759)," and was well versed in science and history. He studied at Glasgow and Oxford universities, lectured at the University of Edinburgh, and in 1751, became a professor at Glasgow University. In 1764, he made a grand tour of the Continent as tutor to the young duke of Buccleuch. Smith's major thesis in the Wealth of Nations was that, except for limited functions (defense, justice, certain public works), the state refrained fr....

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