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The Wealth of Nations

The Wealth of Nations

Paperback

AccountingBusiness General

ISBN10: 9355840063
ISBN13: 9789355840066
Publisher: True Sign Publishing House Private Limited
Published: Mar 1 2021
Pages: 834
Weight: 2.29
Height: 1.85 Width: 5.50 Depth: 8.50
Language: English
It is central thesis of Smith's The Wealth of Nations is that our individual need to fulfill self-interest results in societal benefit, in what is known as his invisible hand. Adam Smith wrote The Wealth of Nations in 1776 to criticize mercantilism, which was the primary economic system at the time. Under mercantilism, it was believed that wealth was finite. Prosperity could be increased by keeping gold and precious metals and tariffing goods from other countries. Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he expounded upon how rational self-interest and competition can lead to economic prosperity.

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