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Adam Smith The British philosopher and economist Adam Smith was born in Kirkcaldy, Scotland. He was educated at the universities of Glasgow and Oxford. In 1751 he became a professor at Glasgow. There he wrote The Theory of Moral Sentiment in 1759. This philosophical work gained Smith an appointment in 1764 as tutor of the young duke of Buccleuch. The tutoring took Smith to France, where he started writing The Wealth of Nations in 1776. It was the first …

…modification by economists in the light of historical developments since Smith’s time, many sections of The wealth of Nations, notably those relating to the sources of income and the nature of capital, have continued to form the basis for theoretical study in the field of political economy. The Wealth of Nations has also served, perhaps more than any other single work in its field, as a guide to the formulation of governmental economic policies.