Adam Smith (1723-1790) is a Scottish economist and philosopher, famous for authoring The Wealth of Nations, a book setting the theoretical foundations of the modern economy.

Smith studied in Glasgow and Edinburgh, and later taught himself Literature and Law in Edinburgh and Logic and Rhetorics in Glasgow

In 1776, in Edinburgh, the fisrt edition of The Wealth of Nations - his fundamental work - was published.

Adam Smith is an ardent supporter of liberal economy and is often referred to as the father of market economy. He is among the first to stipulate that demand and supply must dictate market moves. Besides, he rejects government intervention in the economy as inefficient. Adam Smith defends free trade and introduces the concept of the invisible hand, to illustrate that when every individual and economic entity acts in its own best interest, the overall result is not only desirable, but optimal for the socierty as a whole. In other words, the development and prosperity of the society pass through the development and prosperity of the individual members of this society. 

Earlier, in 1759, another one of Smith's milestone works was published - The Theory of Moral Sentiments. Again, in contrast with public opinion, Smith argues that moral is a product of nature and that we are born with it, thus rejecting the belief that moral is a result of human brain and law.

The full text of these two famous books by Adam Smith is accessible at the site of the Adam Smith Institute, London.