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Adam Smith revolutionized economic theory with his 1776 work An Inquiry into the Nature and Causes of the Wealth of Nations. He proposed rules governing labor, supply, and demand; and describes division of labor, stockpiling of wealth, lending, and interest. Smith also discusses how economies lead to opulence. Wealth of Nations also offers a defense for free-market capitalism. Any student of economics should be familiar with the concepts and laws that Smith developed, as much of economic theory is still based upon his work. This Cosimo Classic is an unabridged reprint of the 4th edition, published in London in 1786, and contains both Volume I and Volume II together in the same edition. Scottish economist and philosopher ADAM SMITH (1723-1790) helped set standards in the fields of political economics and moral philosophy, playing a key role in the early development of the scholarship of economics. His other writings include Essays on Philosophical Subjects.