The elements of prosperity

Smith believed a nation needed three elements to bring about universal prosperity.

1. Enlightened self-interest. He thought most people would naturally practice thrift, hard work, and enlightened self-interest.
2. Limited government. Smith viewed the government's responsibilities as being limited to the defence of the nation, universal education, public works, the enforcement of legal rights and the punishment of crime.
3. Solid currency and a free-market economy. Smith hoped backing the currency with hard metals would prevent the government from depreciating the currency.