Smith's "The Wealth of Nations"

Adam Smith's "The Wealth of Nations" argues that a nation's prosperity depends on individuals pursuing their own economic interests, which leads to increased production and innovation. He emphasizes the role of free markets and competition, where supply and demand determine prices and allocate resources efficiently. Smith introduces the idea of the "invisible hand," suggesting that self-interested actions can benefit society as a whole without centralized control. The work advocates for minimal government intervention in trade and industry, believing that a free economy fosters growth, innovation, and improved living standards for all.