The Wealth of Nations (eBook)

Adam Smith (1723–1790) was a Scottish economist, philosopher, and author, who is widely acclaimed as the father of modern economics. His magnum opus, 'An Inquiry into the Nature and Causes of the Wealth of Nations,' commonly referred to as 'The Wealth of Nations,' is a seminal work in classical economics. Published in 1776, it marks the beginning of economic theory as a coherent discipline and offers a critique of mercantilism, the dominant economic theory of the time. Smith's book laid the groundwork for the free market system, advocating for the division of labor, free trade, and the 'invisible hand' — the concept that individual self-interest can lead to beneficial outcomes for society as a whole. A strong proponent of laissez-faire economic policies, Smith's ideas have shaped the economic policies of many nations and continue to influence the field of economics to this day. His literary style combines concise argumentation with rigorous empirical observation, a style that positioned his writing at the intersection of the emerging social sciences and moral philosophy of the Enlightenment era.