The Wealth of Nations
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First published in 1776, this work is the classic statement of economic liberalism or the policy of laissez-faire and is widely considered on of the hundred greatest books of all time. Several fundamental principles or “axioms” were introduced in this work, including the division of labor, supply and demand, and free market capitalism as some of the most obvious. Smith’s political economy is primarily individualistic: self-interest is the incentive for economic action. However, he shows that universal pursuit of self-interest contributes to the public interest, a concept probably best encapsulated by John F. Kennedy when he remarked, “a rising tide raises all boats.”
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Adam Smith (1723–1790) was born in a small village in Kirkcaldy, Scotland. 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 the University of Glasgow. His greatest achievement was writing The Wealth of Nations, a five-book series that sought to reveal the true causes of prosperity and which established him as the father of contemporary economic thought.
Michael Edwards is a playwright and director from Baltimore.
