Editing Scottish Enlightenment (section)

===Economics===
[[Adam Smith]] developed and published ''[[The Wealth of Nations]]'', the starting point of modern economics.<ref name="Samuelson">{{cite book |last= Samuelson |first= Paul |title= Economics |url= https://archive.org/details/economics00samu |url-access= registration |year= 1976 |publisher= [[McGraw-Hill]] |isbn= 0-07-054590-1}}</ref> This study, which had an immediate impact on British [[economic policy]], still frames discussions on [[globalisation]] and [[tariff]]s.<ref name="Fry">{{cite book |last= Fry |first= Michael |others= [[Paul Samuelson]], [[Lawrence Klein]], [[Franco Modigliani]], [[James M. Buchanan]], [[Maurice Allais]], [[Theodore Schultz]], [[Richard Stone]], [[James Tobin]], [[Wassily Leontief]], [[Jan Tinbergen]] |title= Adam Smith's Legacy: His Place in the Development of Modern Economics |year= 1992 |publisher= [[Routledge]] |isbn= 978-0-415-06164-3 |url-access= registration |url= https://archive.org/details/adamsmithslegacy0000unse }}</ref> The book identified land, labour, and capital as the three factors of production and the major contributors to a nation's wealth, as distinct from the [[Physiocratic]] idea that only agriculture was productive. Smith discussed potential benefits of specialisation by [[division of labour]], including increased [[labour productivity]] and [[gains from trade]], whether between town and country or across countries.<ref>[[Alan Deardorff|Deardorff, Alan V.]], 2006. ''Glossary of International Economics'', [http://www-personal.umich.edu/~alandear/glossary/d.html#DivisionOfLabor Division of labor].</ref> His "theorem" that "the division of labor is limited by the extent of the market" has been described as the "core of a [[Theory of the firm|theory of the functions of firm]] and [[industrial organization|industry]]" and a "fundamental principle of economic organization."<ref>[[George J. Stigler|Stigler, George J.]] (1951). "The Division of Labor Is Limited by the Extent of the Market", ''Journal of Political Economy'', 59(3), pp. [https://www.sfu.ca/~allen/stigler.pdf 185–93.]</ref> In an argument that includes "one of the most famous passages in all economics,"<ref>Samuelson, Paul A., and William D. Nordhaus (2004). ''Economics''. 18th ed., McGraw-Hill, ch. 2, "Markets and Government in a Modern Economy", The Invisible Hand, p. 30.</ref> Smith represents every individual as trying to employ any capital they might command for their own advantage, not that of the society,<ref>'Capital' in Smith's usage includes [[fixed capital]] and [[circulating capital]]. The latter includes wages and labour maintenance, money, and inputs from land, mines, and fisheries associated with production per ''The Wealth of Nations'', Bk. II: ch. 1, 2, and 5.</ref> and for the sake of profit, which is necessary at some level for employing capital in domestic industry, and positively related to the value of produce.<ref>Smith, Adam (1776). ''The Wealth of Nations'', Bk. IV: Of Systems of political Œconomy, ch. II, "Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home", para. 3–5 and 8–9.</ref> Economists have linked Smith's invisible-hand concept to his concern for the common man and woman through [[economic growth]] and [[economic development|development]],<ref>Smith, Adam (1776). ''The Wealth of Nations'', [[The Wealth of Nations|Bk. I-IV]] and Bk. I, ch. 1, para. 10.</ref> enabling higher levels of consumption, which Smith describes as "the sole end and purpose of all production."<ref>• Smith, Adam (1776). ''The Wealth of Nations'', Bk. IV, ch. 8, para. 49.</ref><ref>• Samuelson, Paul A., and William D. Nordhaus (2004). ''Economics''. 18th ed., McGraw-Hill, ch. 2, "Markets and Government in a Modern Economy", The Invisible Hand, p. 30.<br />&nbsp;&nbsp; • Blaug, Mark (2008). "invisible hand", ''The New Palgrave Dictionary of Economics'', 2nd ed., v. 4, pp.&nbsp;564–66. [http://www.dictionaryofeconomics.com/article?id=pde2008_I000220&edition=current&q=Invisible%20hand&topicid=&result_number=1 Abstract].</ref>