The Wealth of Nations

Smith's work combines rigorous economic analysis with engaging prose and vivid examples. While some concepts have been refined by later economists, the core principles about markets, specialization, and economic growth remain foundational. The book's historical context is important—Smith was writing against mercantilism and for free trade at a time when protectionism dominated.

Adam Smith (1723-1790) was a Scottish philosopher and economist, often called the father of modern economics. He was a professor of moral philosophy at the University of Glasgow and his earlier work, The Theory of Moral Sentiments, explored the psychological foundations of morality. Smith's groundbreaking insights emerged during the Scottish Enlightenment, and he served as a commissioner of customs in Scotland, giving him practical experience with economic policy. The Wealth of Nations established his reputation as one of history's most influential economic thinkers, shaping understanding of market economies for centuries to come.

The Wealth of Nations represents one of the most important intellectual achievements in human history, establishing the systematic study of economics and providing the intellectual foundation for market economies. While written in a different era, its core insights about specialization, market coordination, and the conditions for prosperity remain remarkably relevant.

Smith's work reminds us that economic prosperity arises from the productive cooperation of millions of individuals, coordinated not by central planning but by the decentralized signals of market prices and the incentives of self-interest within a framework of justice and property rights.