This seminal work on political economy and the foundation of the modern market economy was originally published in 1776. Rich in historical background and acute observations of the 18th-century scene, Adam Smith's masterpiece of economic analysis is also an insightful work of political philosophy. Its revolutionary concepts, including the notion that self-interest stimulates the healthiest economic conditions for all, remain influential with politicians and economists alike. AUTHOR: A Scottish professor of moral philosophy, Adam Smith (1723–90) combined economics, history, political theory, and philosophy to create this treatise on what has come to be known as laissez-faire economics.