’The Wealth of Nations’ is the famous work by Adam Smith. In addition to theoretical analysis of the functioning of so-called commercial societies, the advantages and problems associated with the division of labor, value, income distribution, and capital accumulation, the book brings historical considerations and abundant empirical material, being considered a turning point in the development of the history of economic thought. Published in the same year as the Declaration of Independence of the United States, the work laid the foundations of thought for economists, politicians, mathematicians, biologists, and thinkers in all fields. 'The Wealth of Nations’ represented a clear paradigm shift in the field of economics, comparable to Charles Darwin's work on the origin of species for biology. As one of the most cited books of all time, 'The Wealth of Nations’ is a work that undoubtedly deserves to be read.
O autorze
Adam Smith was a Scottish economist, philosopher, and writer born in 1723 and passing away in 1790. He is considered one of the most important thinkers of the Scottish Enlightenment and one of the founders of modern political economy. Smith was born into a middle-class family in Kirkcaldy, Scotland, and studied at the University of Glasgow and the University of Oxford. After graduating, he devoted himself to teaching and writing, and in 1759, he published his work 'The Theory of Moral Sentiments, ’ which deals with morality and ethics in society.
In 1776, Smith published his most famous work, 'The Wealth of Nations, ’ in which he presented his revolutionary economic theory. In it, Smith argues that a nation’s wealth is based on the production of goods and services, and that competition and the free market are the drivers of economic growth; he introduced the concept of the 'invisible hand’ and emphasized the importance of division of labor and specialization. Smith’s thinking was highly influential in his time and continues to be studied and debated today. He is considered one of the founders of political economy and classical economic liberalism. His legacy has had a significant impact on economic policy and decision-making worldwide, and his ideas have been implemented in many modern societies.
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