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The Wealth of Nations was a precursor to the modern academic discipline of economics.
In this and other works, he developed the concept of division of labour, and expounded upon how rational self-interest and competition can lead to economic prosperity. He was a moral philosopher, a pioneer of political economy, and was a key figure during the Scottish Enlightenment era. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics.
Smith laid the foundations of classical free market economic theory.