Adam Smith, The Wealth of Nations

Adam Smith's The Wealth of Nations is an influential 18th century book on economics that advocated for free-market capitalism. The Wealth of Nations examines the division of labor, supply and demand, and other concepts of economics in detail, providing a philosophical basis for the free-market system. Smith's main premise is that free markets are the most efficient way to maximize production and therefore increase prosperity to the greatest degree possible. He advocated for the use of certain governmental regulations to ensure competition and discourage monopolies, but also argued against any type of protectionism. Smith's work formed the basis for modern economics and has been highly influential.