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The Wealth of Nations

Adam Smith · 1776

Economics
Cover of The Wealth of Nations

The Foundations of Modern Economics

Adam Smith's masterwork laid the intellectual foundations of capitalism and modern economics. His insight that individual self-interest, guided by the "invisible hand" of the market, produces collective prosperity remains the most influential economic idea in history — the starting point for every debate about markets, trade, and the role of government.

The Wealth of Nations was published in 1776, the same year as the American Declaration of Independence, and was equally revolutionary. Smith showed that national wealth comes not from hoarding gold (as mercantilists believed) but from productive labor, specialization, and free exchange. His work created the discipline of economics.

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
— Adam Smith
from The Wealth of Nations
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
— Adam Smith
from The Wealth of Nations
Every individual necessarily labours to render the annual revenue of the society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it.
— Adam Smith
from The Wealth of Nations
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