Adam Smith, founder of modern economic theory.

Adam Smith, founder of modern economic theory.
Smith created the theory of labor value, substantiated the need to free the market economy from the state, and considered the economy a system in which laws operate.
In the XVII – XVIII centuries, there is a process of accumulation of primary capital in some European countries, which, in turn, contribute to the emergence of the industrial revolution and the transition from manual to industrial production.Adam was forced to interrupt his studies due to illness and, leaving Oxford, returned to his homeland in Kirkwall, where he began to engage in self-education.
In 1748, he began to give lectures at the University of Edinburgh, where he first taught in detail the economic philosophy. It was the preparation for the lectures that inspired Smith to form his ideas about the problems of the economy and the idea of ​​a free market.Adam Smith was not interested in a political career or material condition. He remained a modest man to the end and considered the pleasure of work to be happiness. The scientist lived to a very old age, working and maintaining a clear mind. Great and at the same time humble, Adam Smith proclaimed revolutionary ideas for his time and in fact formed the foundations of modern economic theory.