Smith's "business of common life" seems to imply infinite natural resources - which was not valid in his time, and is completely wrong nowadays. The same applies to the idea of fair competition at a completely transparent market, free from political power games.

I do not claim to be a better philosopher of economics than Smith was (in fact I do not claim to be any at all), but even the best ideas can be turned to utter stupidity by being taken literally or absolutely.