The Wealth of Nations
"The Wealth of Nations" is a groundbreaking book written by Scottish economist Adam Smith, first published in 1776. It is considered one of the foundational works of modern economics and lays the groundwork for the theory of capitalism.
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It is considered one of the foundational works of modern economics and lays the groundwork for the theory of capitalism. The book explores how individual self-interest and competition can lead to social and economic progress. Smith discusses the division of labor, productivity, and how markets function. He argues that the invisible hand of the free market, guided by self-interest, effectively allocates resources and promotes overall societal welfare. Smith also delves into the role of government in promoting economic growth, advocating for policies such as free trade and minimal intervention. Overall, "The Wealth of Nations" offers a comprehensive analysis of the principles and mechanisms underlying economic systems and has had a profound impact on the field of economics.