An Inquiry into the Nature and Causes of the Wealth of Nations
Description
A foundational text in classical economics that examines the division of labor, productivity, free markets, and the invisible hand theory that guides market economies.
Topics
Economics, capitalism, free markets, division of labor, wealth creation, mercantilism, international trade
Detailed Description
'The Wealth of Nations' is Adam Smith's magnum opus and the foundational text of classical economics. Published in 1776, this comprehensive five-book work examines the mechanisms by which nations generate prosperity. Smith analyzes how the division of labor increases productivity, how markets self-regulate through his concept of the 'invisible hand,' and how rational self-interest within a system of natural liberty leads to collective economic benefits. The book also critiques the then-dominant mercantilist system, advocates for free trade, and explores the proper role of government in economic affairs. Smith's insights into capital accumulation, market competition, and the relationship between private enterprise and public welfare established principles that have influenced economic theory and policy for centuries. Through a blend of theoretical frameworks and empirical observations, 'The Wealth of Nations' articulates a compelling vision of how markets function and offers a roadmap for understanding wealth creation at both individual and national levels.
Keywords
Adam Smith, Wealth of Nations, classical economics, free market, invisible hand, division of labor, self-interest, economic liberalism, mercantilism, market economy, capitalism, political economy, trade, labor productivity, specialization, economic growth, Scottish Enlightenment, laissez-faire, free trade, pin factory, comparative advantage, market competition, capital accumulation, wealth creation, labor theory of value, natural liberty, taxation, public goods, economic development, commercial society, gold standard, manufacturing, agricultural economy, industrial revolution, wages, profits, rent, revenue, government role, economic history
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