Smith's "Lectures on Jurisprudence", originally delivered at Glasgow University in 1762-1763, presents his "theory of the rules by which civil government ought to be directed". Building on his "Theory of Moral Sentiments", Smith argues that the state must act as an impartial spectator, judging when an individual has been injured, Thus, regulations concerning trade, commerce, and production must be crafted so as to encourage rather than interfere with other productive capacities.

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Adam Smith was born in a small village in Kirkcaldy, Scotland in 1723. He entered the University of Glasgow at age fourteen, and later attended Balliol College at Oxford. After lecturing for a period, he held several teaching positions at Glasgow University. His greatest achievement was writing The Wealth of Nations (1776), a five-book series that sought to expose the true causes of prosperity, and installed him as the father of contemporary economic thought. He died in Edinburgh on July 19, 1790.

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