Adam Smith was a Scottish economist, educated at Glasgow and Oxford. He became professor of moral philosophy at the University of Glasgow in 1752, and while teaching there wrote ... in France met some of the physiocrats, and began to write An Inquiry into the Nature and Causes of the Wealth of Nations, finally published in 1776. Smith suggested the theory of the division of labor and emphasized that value arises from the labor expended in the process of production. He was led by the rationalist ... by the more direct influence of Hume and others, to believe that in a laissez-faire economy th...

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