The Wealth of Nations
"The Wealth of Nations," written by Adam Smith in 1776, is a foundational text in economics that explores how nations create wealth. Smith argues that individual self-interest in a free market leads to economic prosperity, as people produce goods and services that others want. He introduces concepts like the division of labor, where tasks are specialized for efficiency, and the "invisible hand," suggesting that when individuals pursue their own interests, they inadvertently benefit society. The work advocates for limited government intervention in markets and emphasizes the importance of competition and trade in promoting overall economic growth.
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"The Wealth of Nations," written by Adam Smith in 1776, is a foundational text in economic theory. It explores how nations can generate wealth through principles like division of labor, free markets, and competition. Smith argues that individuals pursuing their self-interest can lead to positive outcomes for society, as if guided by an “invisible hand.” The book emphasizes the importance of trade, productivity, and the role of government in maintaining justice and infrastructure, laying the groundwork for modern economics and capitalism by advocating for limited government intervention in economic affairs.