The Wealth of Nations
- Book Title
- The Wealth of Nations
- Author(s)
- Adam Smith
- Year Published
- 1776
- Category
- Economics
- Key Ideas
Core Ideas
- 'Invisible Hand': Self-interest in free markets leads to economic prosperity, as if guided by an invisible hand.
- Division of Labour: Breaking work into specialised tasks dramatically increases productivity (e.g., pin factory example).
- Free Trade: Nations benefit from specialising and trading; mercantilism is harmful.
- Argued against monopolies and government interference in markets.
Why It Matters
- Foundation of modern capitalism and free-market economics.
- Smith is often called the 'Father of Economics'.
More from Books & Authors — Business & Management