Adam Smith’s 1776 magnum opus, “An Inquiry into the Nature and Causes of The Wealth of Nations,” is one of the most important books on economics. Smith was a leading figure of the Enlightenment, which was a period when thinkers started to believe that through the systematic blending of empirical evidence and theoretical validity, solutions to problems could be figured out. He essentially argued that free enterprise and competition, through the invisible hand of the market, was the best way to allocate efficiently limited resources, minimise waste, raise productivity and maximise prosperity.
A Macro Market View by Hubert Marleau
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