Adam Smith (1723-1790), British economist and philosopher. Smith became professor of logic and then moral philosophy at Glasgow University, Scotland. His main work was 'An Enquiry into the Nature and Causes of the Wealth of Nations' (1776). This was the first work to deal with economics separately from politics, ethics and law. He showed that rent, wages and profits are the source of all income. Smith believed that more wealth was produced with governmental non-interference and free trade. In March 2007, Smith was commemorated in portrait form on the new series of 20 notes issued by the Bank of England. A 20 is in Smith's hand.