development of modern economics, and even those who have
never studied economics know of his most famous work, The
Wealth of Nations, and are familiar with the terms laissez-faire
and the invisible hand, both attributable to Smith. He described
the workings of the capitalist market economy, the division of
labour in production, the role of money, free trade, and the
nature of economic growth. Even today, the breadth of his
scholarship is considered astounding.
Smith was raised by his mother, as his father had died before
his birth. His intellectual promise was discovered early, and at
age 14 Smith was sent to study at Glasgow and then at Oxford.
He returned to an appointment as professor of moral
philosophy at University of Glasgow, where he became one of
the leading philosophers of his day. He lectured on natural
theology, ethics, jurisprudence, and political economy to
students who travelled from as far away as Russia to hear his
lectures.
In 1759, Smith published The Theory of Moral Sentiments, in
which he attempted to identify the origins of moral judgment.
In this early work, Smith writes of the motivation of self-interest
and of the morality that keeps it in check. After its publication,
Smith left his post at the University of Glasgow to embark on a
European tour as the tutor to a young aristocrat, the Duke of
Buccleuch, with whom he travelled for two years. In exchange
for this assignment Smith was provided with a salary for the
remainder of his life. He returned to the small town of his birth