The Wealth Of Nations

The Wealth of Nations, First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labour, productivity, and free markets.

Combining economics, political theory, history, philosophy, and practical programs, Smith assumes that human self-interest is the basic psychological drive behind economics and that a natural order in the universe makes all the individual, self-interested strivings add up to the social good.

His conclusion, that the best program is to leave the economic process alone and that government is useful only as an agent to preserve order and to perform routine functions, is now known as laissez-faire economics or noninterventionism. Smith anticipated the writings of Karl Marx. Like Marx’s Das Capital and Machiavelli’s The Prince, his great book marked the dawning of a new historical epoch.

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Rafbók: 29 april 2020