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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 ....

Middle of Essay
.... Turgot, whose theories Smith later adapted in part to form a basis for his own. The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests. Smith argued that this individualism led to order and progress. In order to make money, people produce things that other people are willing to buy. Buyers spend money for those things that they need or want most. When buyers and sellers meet in the market, a pattern of production develops that results in social harmony. Smith said that all this would happen without any conscious control or direction, “as ....