1723-1790. Scottish economist, often regarded
as the founder of political economy. His The
Wealth of Nations 1776 defined national
wealth in terms of labour. The cause of
wealth is explained by the division of labour
- dividing a production process into several
repetitive operations, each carried out by
different workers. Smith advocated the free
working of individual enterprise, and the
necessity of `free trade'. He was born in
Kirkcaldy, and was professor of moral
philosophy at Glasgow 1752-63. He published
Theory of Moral Sentiments 1759.