Adam Smith's Wealth of Nations Is Published (1776)
Published in 1776, An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Scottish economist Adam Smith.
It is a clearly written account of political economy at the dawn of the Industrial Revolution and is considered the first modern work in the field of economics. In it, Smith postulates the theory of the division of labor and emphasizes that value arises from the labor expended in the process of production.
What was Smith's concept of "the invisible hand"?