The founder of economics as we know it. Born in Kirkcaldy, Fife, Adam Smith (1723–90) was educated at Glasgow and Oxford, and in 1751 became professor of logic at Glasgow University. Eight years later he made his name by publishing the THEORY OF MORAL SENTIMENTS. His 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, is the bible of classical economics. He emphasized the role of specialization (the division of labor), technical progress and capital investment as the main engines of economic growth. Above all, he stressed the importance of the invisible hand, the way in which self-interest pursued in free markets leads to the most efficient use of economic resources and makes everybody better off in the process.