Wealth of Nations

The Wealth of Nations by Adam Smith is a foundational work in classical economics that examines the nature and causes of a nation's prosperity. The book introduces the concept of the division of labor, highlighting how specialization increases productivity and efficiency within an economy. Smith explores the idea of the invisible hand, explaining how individuals pursuing their self-interest inadvertently contribute to the overall economic well-being of society. He analyzes the benefits of free markets and minimal government intervention, arguing that such an environment fosters innovation and growth. The chapters explore topics like the origins and use of money, the principles of supply and demand, and the role of capital accumulation in driving economic progress.