An Inquiry into the Nature and Causes of the Wealth of Nationsis one of the most important and influential works ever published on economic theory and is the foundation of classical economics. In it, Adam Smith stresses the importance of the division of labor to economic progress. He criticizes the arguments for economic planning and offers a detailed theoretical and historical case for free trade.

In this masterpiece of the eighteenth-century Scottish Enlightenment, Smith develops a theory of social order arising from the unintended consequences of self-interested behavior. This self-regulating system of the free market, Smith contends, protects consumers from entrenched special interests and is usually harmed by government intervention.

Far more than just a work on economic theory,The Wealth of Nationsalso contains Smith’s views on philosophy, history, and political theory.

This program discusses Adam Smith’s general approach to philosophy and howThe Wealth of Nationsfits into that approach. It also explains Smith’s major arguments and themes. Smith’s sometimes difficult discourse is presented with the background information necessary for its comprehension.

The Giants of Political Thought series is an easy and entertaining way to broaden your mind and your awareness of great ideas.

First published in 1776, this work is the classic statement of economic liberalism or the policy of laissez-faire and is widely considered on of the hundred greatest books of all time. Several fundamental principles or “axioms” were introduced in this work, including the division of labor, supply and demand, and free market capitalism as some of the most obvious. Smith’s political economy is primarily individualistic: self-interest is the incentive for economic action. However, he shows that universal pursuit of self-interest contributes to the public interest, a concept probably best encapsulated by John F. Kennedy when he remarked, “a rising tide raises all boats.”

The foundation for all modern economic thought and political economy, The Wealth of Nations is the magnum opus of Scottish economist Adam Smith, who introduces the world to the very idea of economics and capitalism in the modern sense of the words. Smith details his argument in five books:
Book I. Of the Causes of Improvement in the Productive Power of Labour
Book II. Of the Nature, Accumulation, and Employment of Stock Introduction
Book III. Of the Different Progress of Opulence in Different Nations
Book IV. Of Systems of Political Economy
Book V. Of the Revenue of the Sovereign or Commonwealth
Taken together, these books form a giant leap forward in the field of economics. A product of the “Age of Enlightenment,” The Wealth of Nations is a must for all who wish to gain a better understanding of the principles upon which all modern capitalistic economies have been founded and the process of wealth creation that is engendered by those principles.

An Inquiry into the Nature and Causes of the Wealth of Nations is one of the most important and influential works ever published on economic theory. A masterpiece of the eighteenth-century Scottish Enlightenment, it develops a theory of social order arising from the unintended consequences of self-interested behavior. This self-regulating system of the free market, Smith contends, protects consumers from entrenched special interests and is usually harmed by government intervention.

This program examines explains Smith’s major arguments and provides background necessary for comprehension. Each of the five books of The Wealth of Nations is covered in order to explain how the seemingly diverse themes relate to Smith’s general purpose.

The Giants of Political Thought series is an easy and entertaining way to broaden your mind and your awareness of great ideas.