An Inquiry into the Nature and Causes of the Wealth of Nations
Adam Smith
The Wealth of Nations was recognized as a landmark of human thought upon its publication in 1776. As the first scientific argument for the principles of political economy, it is the point of departure for all subsequent economic thought. Smith's theories of capital accumulation, growth, and secular change, among others, continue to be influential in modern economics.
When Adam Smith wrote The Wealth of Nations there were no economists, for he invented the science of Economics. Born in Kirkcaldy, Scotland, he became professor of logic and later of moral philosophy.
A personal friend of David Hume, his travels through Europe and his many contacts in business and government gave him the opportunity of making very detailed studies of the social forces giving rise to competition, trade, and markets. It is a remarkable achievement that, nearly 250 years on, this work, with its idea of the "invisible hand" of economic incentives, is still one of the essential basic texts of its field.
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