The Wealth of Nations

Adam Smith

• 05 januari 2025
• 9789365828733

Samenvatting:

Key concepts and ideas in "The Wealth of Nations" include:Invisible Hand: Smith introduces the concept of the "invisible hand," which suggests that individual self-interest, when guided by competition and free markets, can unintentionally lead to the well-being of society as a whole.Division of Labor: Smith emphasizes the benefits of the division of labor, where individuals specialize in specific tasks, leading to increased efficiency and production.Laissez-Faire Economics: Smith advocates for a laissez-faire approach to economics, where markets operate freely with minimal government intervention. He argues that self-regulating markets can lead to optimal outcomes.Role of Government: While advocating for limited government intervention, Smith recognizes certain roles for government, such as providing public goods, maintaining law and order, and enforcing property rights.Market Mechanisms: Smith discusses the mechanisms of supply and demand, competition, and the price mechanism as key drivers of economic activity and resource allocation.