19th century economics

19th century economics was shaped by the rise of industrialization and modern capitalism. It emphasized free markets, competition, and the idea that supply and demand determine prices. Economists like Adam Smith argued that individuals pursuing their own interests could benefit society, a concept known as the "invisible hand." This era also saw the development of theories about labor, value, and capital, influencing policies on trade, tariffs, and economic growth. It laid the foundations for modern economic thought by exploring how economies grow, respond to policies, and balance wealth distribution.