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The Wealth of Nations Summary & Review: Why Specialization Makes Nations Rich
Adam Smith's 1776 case for why nations get rich: divide the work, trade the surplus, and let prices coordinate. A practical reading…
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Adam Smith
"It is not from the benevolence of the butcher that we expect our dinner."
Adam Smith (1723–1790) was a Scottish moral philosopher and the author of The Wealth of Nations. He taught at Glasgow, wrote The Theory of Moral Sentiments first, and later served as a commissioner of customs in Edinburgh.
Author of The Wealth of Nations·Glasgow moral philosopher·Key themes: division of labour, prices, natural liberty
Books by Adam Smith
Our in-depth summaries and reviews of his work
Key Ideas & Recurring Themes
Division of labour
Splitting a job into simple motions so output explodes — the pin factory.
Invisible hand
Private aims that stock the public street as a side-effect of prices.
Natural liberty
Defend, judge, build a few roads — then stop picking commercial winners.
Notable Quotes
"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."— The Wealth of Nations
"Led by an invisible hand to promote an end which was no part of his intention."— The Wealth of Nations
Related Authors
Book Author Adam Smith
The Wealth of Nations Summary & Review: Why Specialization Makes Nations Rich
Adam Smith's 1776 case for why nations get rich: divide the work, trade the surplus, and let prices coordinate. A practical reading of the invisible hand.