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An Inquiry into the Nature and Causes of the Wealth of Nations

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Adam Smith

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An Inquiry into the Nature and Causes of the Wealth of Nations is Smith's seminal work, first published on 9 March 1776 during the Scottish Enlightenment. This influential text presents a clear account of political economy at the onset of the Industrial Revolution and is regarded as the first modern economics work. Aimed at the educated individuals of the 18th century rather than specialists, it introduces three foundational concepts of free market economics: division of labour, pursuit of self-interest, and freedom of trade. Smith argues that the free market, while seemingly chaotic, is guided by an "invisible hand" to produce the right quantity and variety of goods. Although human motives may often stem from selfishness, he contends that competition in the free market ultimately benefits society by lowering prices and encouraging a diverse array of goods and services. However, Smith expressed concern about businessmen and opposed monopolies. A notable passage emphasizes that we rely not on the benevolence of producers but on their self-interest, highlighting that our needs are addressed through their pursuit of personal gain rather than altruism.