The Wealth of Nations
by Adam Smith
"The Wealth of Nations" by Adam Smith is a foundational text in classical economics that explores the nature of economic systems and the principles of free market capitalism. Smith argues that individual self-interest, when guided by competition, leads to economic prosperity and benefits society as a whole. He emphasizes the importance of division of labor, productivity, and the role of government in maintaining justice and public works.
10 curated highlights from this book
Key Insights & Memorable Quotes
Below are the most impactful passages and quotes from The Wealth of Nations, carefully selected to capture the essence of the book.
The division of labor is limited by the extent of the market.
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Every individual necessarily labors to render services to others.
The invisible hand of the market guides individuals to promote the public good.
The real tragedy of the poor is the poverty of their aspirations.
In the progress of society, the accumulation of capital is essential.
A nation’s wealth is measured not by its gold and silver, but by its production and commerce.
To encourage the industry of the people, it is necessary to ensure their property rights.
Commerce, like fire, is a dangerous servant but a fearful master.
The pursuit of wealth is not an end in itself, but a means to achieve happiness.