An Inquiry into the Nature and Causes of the Wealth of Nations by Scottish economist and moral philosopher Adam Smith is considered to be the foundation of modern economic theory. First published in 1776, it is a reflection on economics at the beginning of the Industrial Revolution and argues that free market economies are more productive and beneficial to their societies. On Division of Labor - Smith illustrates with real world examples of how the extent of market determines the level of division of labor and the resulting productivity improvements; it is the extent of the market that...