The Wealth of Nations

"The Wealth of Nations" is a foundational work of modern economic theory, first published in 1776. Written by Adam Smith, a Scottish professor of moral philosophy, the book addresses the principles of economic liberalism and its effects on society. Smith argues that human self-interest is the driving force behind economic activities and that a natural order exists in which individual pursuits contribute to the social good. His belief that economic processes should remain largely unregulated has shaped the development of laissez-faire economics. The book combines elements of economics, political theory, history, and philosophy, and has profoundly influenced thinking about economic relationships. Smith's analyses of the division of labor and the valuation of goods based on labor input have also inspired later thinkers such as Karl Marx and mark the beginning of a new historical era.