Smith's Wealth of Nations

Adam Smith's "Wealth of Nations" analyzes how markets function and promote economic prosperity. He explains that individuals pursuing their own interests through free trade and competition lead to efficiency and growth, as if guided by an "invisible hand." Smith advocates for minimal government interference, suggesting that voluntary exchanges benefit society overall. The book emphasizes the importance of division of labor, where specialized tasks increase productivity. Overall, Smith presents a foundation for understanding how free markets operate and favor economic development when participants are free to trade and innovate.