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These lectures tell readers interesting facts about Smith's philosophy and beliefs about economics. Second, the Lectures tell readers that Adam Smith, writing between 1760 and 1764, was motivated to write about the historical origins of political societies. And third, they tell readers that he was influenced by Mercantilism and the work of his teacher Francis Hutcheson to develop his thought on the political economy. Smith's position on the political economy is that it is foundation for morality, law, government, wealth, revenue, and arms. This position originated from the idea of natural law. In the Lectures the political economy sections are: on Police, Revenue, and Arms.

In his Lectures, he specifically defines the term jurisprudence as "the theory of general principles of law and government". It is also defined as the general guidelines about the essence of a nation's laws. Smith's relationship with the Physiocrats is important in the Lectures. Some said that he produced the same concepts as them on economics. However, in the Lectures, Smith expands on their ideas by saying that there needs to be a freedom of industry. Smith expects that industry and also commerce be laisser-faire and relevant to all aspects of political economics. He recognizes the need for industry for the production of wealth. Industry creates capital which is much needed in an economically viable society.

The Lectures offer a perspective of his view on property that is different from that of John Locke. Smith believes that property does not lie within the individual but rather it ought to be shared within society. "The individual and his labor are in no respect the ultimate source of the right of property in land: the origin of this right is in society." Also, according to the Lectures, Smith is a believer in a state of nature and the doctrine on an original contract. Locke rejects these two ideas.

On Police

The pros and cons of money, prices, and financial exchanges fall under this section of the Lectures "since the regulation of prices and the creation of money by the state both came under the head of police."