The basic doctrine of An Inquiry into

The basic doctrine of An Inquiry into the Nature and Causes of the Wealth of Nations, was that labor is the only source of a nation’s wealth. It advocated division of labor in the productive process, emphasized the importance of individual enterprise and argued the benefits of free trade. The true wealth of a nation lay not in gold but in the achievement of an abundance of the necessities of life. It warned against unnecessary intervention by the state in this process. This book has come to be known as one of the most important and influential books ever written on the subject of economics. When published in 1776 it was an immediate hit. It assured it’s author’s finical success. The author of this masterpiece was Adam Smith.
Adam Smith was a Scottish social philosopher and economist. He was the son of Adam Smith, comptroller of customs at Kirkcaldy, a small fishing village near Edinburgh, and Margaret Douglas, the daughter of a wealthy landowner. Not much is known about Smith’s Childhood except that he attended school in Kircaldy. It also rumored that he was abducted by gypsies when he was four years old. After a short pursuit by the authorities his gypsy captures released him. At the age of 14, Adam went to study at the University of Glasgow. After graduating in 1740, Smith won the Snell Exhibition Scholarship. He traveled to Oxford, where he stayed at Balliol College for six years. It was at Oxford that Smith developed a firm grasp of philosophy, mostly by his own teaching.
Upon returning home Smith received a job giving a series of public lectures in Edinburgh. The lectures covered a variety of different subjects from history to economics. The series lead to Smith being appointed professor of Logic at Glasgow in 1751. In 1752 he transferred into a professorship of moral philosophy. Smith was elected as dean of faculty in 1758. Smith made many acquaintances at this time including members of the aristocracy and a wide range of f…