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The Wealth of Nations is often mischaracterized and politicized. Many people are confident in their opinions regarding the author, the work, and the subject matter -- yet have never read it.
In Book One: Chapters I & III illustrate the growth in division of labor. Chapter X part ii, motivates an understanding of the sunset of feudalism.
It has been described as a critique of mercantilism and a synthesis of the emerging economic thinking of his time. The book is usually considered to be the beginning of modern economics. It was written for the average educated individual of the 18th century rather than for other economists. Thus, for today's readers interested in an accessible introduction to economics, this book continues to be much more useful even than many recent books on the subject.
The Invisible Hand is an often-referenced concept from the book. The idea behind the "invisible hand" is the claim that people will unintentionally improve their community through pursuit of their own wants and needs.
"...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." (Book four, chapter II)
The Wealth of Nations came out of the Enlightenment Era. It influenced not only authors and economists, but governments and organizations. For example, Alexander Hamilton was impressed and influenced by The Wealth of Nations (see American Revolution). It has been said that this work was a response to the French writing on the subjects of good governance, including commerce and regulation, which is partially true. However, the work is a leap forward in economics, similar to Principia for Physics and modern Mathematics and the Physical Sciences generally.
Many authors were influenced by the book and used it as a starting point in their own work; such authors were Jean-Baptiste SayJean-Baptiste Say ( January 5, 1767 November 15, 1832) was a French economist and businessman. He had liberal views and argued in favour of competition, free trade and lifting restraints on business. Say is well known for Say's Law, often summarised as "S, David RicardoDavid Ricardo ( April 19, 1772- September 11, 1823), a British economist, is often credited with systematizing economics, and was one of the most influential of the classical economists. He was also a successful businessman, financier and speculator, and, and later Karl MarxKarl Heinrich Marx ( May 5, 1818 March 14, 1883) was an influential German economist, philosopher, social and political theorist. Although Marx addressed many issues in his career as a journalist and philosopher, he is most famous for his analysis of hist.
Some commentary on the work suffers from anachronism. This is the result of reading the work as though it were written today. The book is written in modern English, but there are some points to consider:
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