Part 1 of Essay
Often called the founder of modern economics, Adam Smith, born in Kirkcaldy, Scotland, June 5, 1723, was a wide-ranging social philosopher and economist whose masterwork, "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776), is one of the most influential studies of Western civilization. Smith's intelle ....

Part 2 of Essay
.... of the same trade," he wrote, "seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." He suggested, however, that businessmen seeking their own interest are led "as if by an invisible hand" to promote the well-being of society. Smith's Analysis of Economic Systems This position is supported in the Wealth of Nations by an elaborate analysis of how economic systems function and develop over time. Smith sough ....