"The Wealth of Nations" is a foundational work in economics written by Adam Smith, a Scottish philosopher and economist, in 1776. The book is considered one of the most influential works in the history of economics and is still widely studied and referenced today. In this article, we'll provide an overview of the book's main ideas, key concepts, and significance.
Adam Smith wrote "The Wealth of Nations" during a time of great economic change in Europe. The Industrial Revolution was in full swing, and new technologies and trade practices were transforming the way goods were produced and exchanged. Smith, who was a professor of moral philosophy at the University of Glasgow, was interested in understanding the nature of economic growth and development.
Book I: The Causes of Improvement in the Productive Powers of Labor Book II: The Nature, Accumulation, and Employment of Stock Book III: The Different Progress of Opulence in Different Nations Book IV: Systems of Political Economy Book V: The Revenue of the Sovereign or Commonwealth
"The Wealth of Nations" is divided into five books, each of which covers a specific topic: