Adam Smith's Wealth of Nations

Adam Smith's "The Wealth of Nations," published in 1776, is a foundational text in economics that explores how nations can create wealth. Smith argues for free markets and competition as drivers of economic growth, suggesting that individuals pursuing their self-interest inadvertently benefit society, a concept known as the "invisible hand." He emphasizes the importance of division of labor, where specialization increases efficiency and productivity. Smith critiques mercantilism, advocating instead for minimal government intervention, allowing businesses to operate freely. Overall, the book lays the groundwork for modern capitalism and market economies, influencing economic thought and policy for centuries.