The Wealth of Nations by Adam Smith

“The Wealth of Nations” is a seminal work of economic theory and analysis written by Adam Smith, a Scottish philosopher and economist. Published in 1776, it is considered one of the most important works in the field of economics and has had a profound influence on modern economic thought and policy.

In the book, Smith argues that a free market, where individuals pursue their own self-interest, will lead to the most efficient and prosperous economy. He is often credited with developing the concept of the “invisible hand” of the market, which describes how the self-interest of individuals can lead to a desirable outcome for society as a whole.

Smith also discusses the division of labor, arguing that it leads to increased productivity and economic growth. He critiques mercantilism, a prevailing economic philosophy at the time, and advocates for free trade and open markets.

“The Wealth of Nations” is widely regarded as a foundational work in the development of modern economics, and its ideas have been influential in shaping economic policy and theory for over two centuries.