by Adam Smith
The Wealth of Nations is a groundbreaking work by Adam Smith, often regarded as the foundation of modern economics.
Published in 1776, Smith explores the principles of free markets, supply and demand, and the division of labor.
He argues that individuals acting in their self-interest inadvertently promote the public good through what he calls the “invisible hand” of the market.
Smith’s concept of specialization – where individuals and businesses focus on their core competencies – enhances productivity and fosters economic growth.
He also discusses the role of government in protecting society, maintaining justice, and providing public goods.
Smith’s insights laid the groundwork for free-market capitalism, advocating minimal government interference.
His work remains a cornerstone for understanding how economies operate on a macro scale.