This classic statement of economic liberalism or the policy of laissez-faire was first published in 1776. It is an engrossing analysis of the economic facts of life. Several fundamental principles, many of which are now referred to as axioms, were introduced in this work, the division of labor, supply-and-demand, and free market capitalism being among the most obvious. Smith's political economy is primarily individualistic; self-interest is the incentive for economic action. However, he shows that universal pursuit of self-interest contributes to the public interest.More
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