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Adam Smith’s The Wealth of Nations: The Birth of Free-Market Economics

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Check out my video about my favorite economist, Adam Smith, and my favorite economics book, The Wealth of Nations: https://youtu.be/Kfjg5VPxcMc?si=bfRvW90OiyME4lPC

What Is “The Wealth of Nations”?
“The Wealth of Nations” is an influential text published by Scottish philosopher and economist Adam Smith in 1776. Its full title is “An Inquiry into the Nature and Causes of the Wealth of Nations.” Smith wrote the book to describe the industrialized capitalist system that was upending the mercantilist system.
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Smith believed humans ultimately promote public interest through their everyday economic choices. In “The Wealth of Nations” he wrote:

He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.

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Many Happy Returns of the Day, Adam Smith!

1 Reply

Who on earth is Adam Smith? He was an economist and he wrote, by far, the best book about economics, The Wealth of Nations. A simple but focused book about the mechanisms and interrelations between money/wealth and people.

Incidentally we share the same birthday, just incidentally :).

I read economics books for the same pleasure that fairy tales give me…They are both realistic.

Fairy tales because the stories are the same with everyday life, you make a mistake, you pay and have to travel all over kingdoms to find the lost love of the prince (aren’t we all trying to find our love?)…or the prince gives part of his calf (part of the leg) as payment for the Ogre (Witch, Bird) to be crossed over to the other realm..we sacrifice a lot for our desires and we deeply yearn for the other “realm”and….. the simplest metaphor of love, if you kiss a frog it becomes a prince, your prince.

In economics there is a magic place where the Offer meets the Demand which gives the price of it. “There is a price for everything”.

Adam Smith spoke of the Invisible Hand, metaphor or not, that is self regulation of the markets, without the intervention of the (sur)realistic State.

Utopian, but 90% realistic because we must admit we are but at a far cry (far away) from the first Utopia ever mention in fiction, the island of the Phaeacians (Ulysses).

Many Happy Returns of the Day, Adam Smith!