Summary: The Wealth of Nations by Adam Smith
The wealth of nations by Adam Smith pdf download is the most popular work of the author. This is the very 1st book published on economics and how to build a nation. Moreover, wealth is the most important factor in progress. Nowadays this book considered fundamental in Economics studies Every classical economics read this book. This book defines some fundamentals to build a nation.
This book published in 1776 during the Scottish enlightenment. Karl Marks also influenced by this book; it took almost ten years to complete and it is consisting of notes of 17 years and the conversation between the economist of that time. Their concerns regarding the people’s economy and wealth balance. This book has different theories and parts. The 1st theory is “society and the invisible hand” this focuses on the building of institutions and the flow of money.
How wealth generated from the system automatically. The next concept is economic growth, his analysis of the market was smart and many critics agree with him over this, in this, he proposed the division of labor as the core of this idea. Then he said that is necessary to increase the production labor should be hardworking and more productive. And the less productive labor should be the minimal important tasks.
In this book seems that he was writing in the main time of capitalism but his ideas were against it. He wasn’t aware of future economic growth and stock markets. Adam Smith was a British economist and author; he was born in Scotland. Also, he is also known as “The father of Economic” or “The Father of Capitalism.” He has written two important books on the economy. He was an alumnus of Oxford University. Also, he developed the concept of division of labor.