The Wealth of Nations, originally titled An Inquiry into the Nature and Causes of the Wealth of Nations, is a seminal work in economics, published in 1776 by Adam Smith. Widely considered the foundation of modern economic theory, this book delves into how nations achieve prosperity through the interplay of labor, markets, and trade. Smith argues for the principles of free market economics, emphasizing the "invisible hand" that guides individuals pursuing their self-interest toward the common good.
The text covers a range of topics, including the division of labor, the origin and use of money, the importance of free trade, and critiques of mercantilism. Smith also discusses the role of government in providing public goods and ensuring justice while limiting interference in markets.
Why Read This Book
- Establishes foundational principles of economics, such as supply and demand, free markets, and the division of labor.
- Explores timeless questions about the nature of wealth, productivity, and the role of government.
- Provides insight into the historical context of trade, industry, and global economics in the 18th century.
- Offers a deep philosophical exploration of individual and collective welfare in a capitalist system.
- Continues to influence modern economic thought and policy-making.
About the Author
Adam Smith (1723–1790) was a Scottish economist, philosopher, and moral theorist. Often called the "Father of Economics," Smith laid the groundwork for classical economics and inspired future economists like David Ricardo and John Stuart Mill. Besides The Wealth of Nations, Smith authored The Theory of Moral Sentiments, which explores human ethics and sympathy, emphasizing his belief in the balance between moral philosophy and economic behavior.
Descriptions are sourced from publishers or third parties and are not independently verified
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