The Wealth of Nations [Hardcover]

First published in 1776,The Wealth of Nationsis generally regarded as the foundation of contemporary economic thought. Adam Smith, a Scottish professor of moral philosophy, expounded the then-revolutionary doctrine of economic liberalism. The book’s importance was immediately recognized by Smith’s peers, and later economists have shown an unusual consensus in their admiration for his ideas. 

Combining economics, political theory, history, philosophy, and practical programs, Smith assumes that human self-interest is the basic psychological drive behind economics and that a natural order in the universe makes all the individual, self-interested strivings add up to the social good. His conclusion, that the best program is to leave the economic process alone and that government is useful only as an agent to preserve order and to perform routine functions, is now known as laissez-faire economics or noninterventionism. 

In noting for the first time the significance of the division of labor and by stating the hypothesis that a commodity’s value correlates to its labor input, Smith anticipated the writings of Karl Marx. Like Marx’sDas Capitaland Machiavelli’sThe Prince,his great book marked the dawning of a new historical epoch. 
 

"Adam Smith's enormous authority resides, in the end, in the same property that we discover in Marx: not in any ideology, but in an effort to see to the bottom of things."
--Robert L. HeilbronerAdam Smith was born in a small village in Kirkcaldy, Scotland in 1723. He entered the University of Glasgow at age fourteen, and later attended Balliol College at Oxford. After lecturing for a period, he held several teaching positions at Glasgow University. His greatest achievement was writingThe Wealth of Nations(1776), a five-book series that sought to expose the true causes of prosperity, and installed him as the father of contemporl3*