|Wealth of Nations|
|Research Points Needed|
The Wealth of Nations stresses the importance of the division of labour, pursuit of self interest and freedom of trade.
This is a set of theories aimed at advancing political economy and promoting the pursuit of self-interest. The concept encourages people to consider the importance of the division of labour (so that productivity can be maximised) and the freedom of trade. Theorists state that all goods should be fairly priced and selling levels agreed mutually between buyers and sellers, with little outside influence from government or any other party.
Historically, “The Wealth of Nations” was a new and innovative piece of work written by Adam Smith, aimed at increasing the average reader’s understanding of economics. As one of the greatest minds of his time, Smith, along with a number of other great men created “Scottish Enlightenment.” Their influence was far reaching in the work of their contempories. Smith is widely held to be the father of modern economics.