The Wealth of Nations, officially titled “An Inquiry into the Nature and Causes of the Wealth of Nations,” is a seminal work in the field of economics, first published in 1776. Written by the Scottish economist and philosopher Adam Smith, the book explores the mechanisms that drive economic growth and the principles of a free market.
Smith delves into the division of labor, productivity, and free trade, and introduces the concept of the “invisible hand” – the idea that individuals’ pursuit of their own self-interest unintentionally benefits society as a whole. The book also examines the role of government in the economy, advocating for limited intervention to allow market forces to operate efficiently.
The Wealth of Nations is considered a cornerstone of classical economics and remains influential in economic thought to this day. The work is notable for its rigorous analysis, pioneering ideas, and its impact on economic policy and philosophy.