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  1. 2 days ago · The idea dates back to the origin of economic science itself. Adam Smith’s The Wealth of Nations, which gave birth to economics, already contained the argument for free trade: by specializing in production instead of producing everything, each nation would profit from free trade. In international economics, it is the direct counterpart t...

  2. 4 days ago · Read this excerpt from Adam Smith's The Wealth of Nations. Read the first book to understand the arguments Smith made in his writing.

  3. 4 days ago · The key idea presented by Adam Smith in "The Wealth of Nations" is that the wealth of a nation is primarily generated by the efforts and industry of its people rather than its government. Smith emphasizes that the division of labor and specialization, along with individual self-interest, contribute to economic prosperity.

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  5. 1 day ago · The push for greater freedom during the Enlightenment Era also transformed economics, which at the time was dominated by mercantilism. This view was challeng...

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    • The Political Affairs
  6. 3 days ago · Adam Smith Institute, 23 Great Smith Street, London SW1P 3DJ, United Kingdom 02072224995 info@adamsmith.org Media enquiries: 07584 778207 (Call, Text, WhatsApp 24 hour)

  7. 3 days ago · An Inquiry into the Nature and Causes of the Wealth of Nations. Book II, Chapter 5. http://www.adamsmith.org/smith/won-b2-c5.htm ]] Adam Smith argues that there are three basic social classes: 1. landowners, who live by renting their land; 2. wage earners; and 3. capitalists, who live off the profits they make.

  8. 3 days ago · Perhaps this is why Adam Smith, one of the founding fathers of economics, wrote about the ‘Wealth of Nations’, not their GDP. It is likely that GDP will remain the focus of macro-economic commentary for a while, given the tricky business of measuring intangible-yet-valuable things that together contribute to national wealth.

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