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Even after two centuries since its first publication in 1776, The Wealth of Nations remains as influential as it was deemed before. Smith has elaborated on his thesis that it is human’s natural inclination towards self-interest that leads to prosperity; they add to public interest through their everyday choices. This book gives an insight into extensive assessment of the creation of a nation’s wealth; it examines the division of labour, the origin and use of money, the division of stock, the rise and progress of cities and towns after the fall of the Roman Empire, the systems of political economy and the taxes on various private revenues.
Scottish political economist and philosopher AdAm Smith (1723? 1790) was the son of the Comptroller of the Customs at Kirkcaldy, Fife, Scotland. He attended University of Glasgow and Oxford University and was deeply influenced by Francis Hutcheson, the well-known professor of Moral Philosophy. In 1751, Smith was appointed Professor of Logic at University of Glasgow where he lectured on Ethics, Rhetoric, Jurisprudence, and Political Economy. Smith is the author of the seminal works, The Theory of Moral Sentiments (1759), The Wealth of Nations (1776), and the posthumously published Essays on Philosophical Subjects (1795). The Wealth of Nations has played a significant role in creating the subject of political economy and developing it into an autonomous and systematic discipline.
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