By vproenza on Skatehive
When one dives into The Wealth of Nations (original title: An Inquiry into the Nature and Causes of the Wealth of Nations.pdf)) by Smith, published in 1776, it is striking how an economics text from over two centuries ago still resonates in the contemporary world. I must admit it took me nearly a year to finish reading it, but it was worth it... It’s no coincidence that Smith is recognized as the father of modern economics; in the book, he laid out a profoundly insightful vision of how societies prosper through labor, trade, and individual freedom. In this brief article, I present my modest analysis with some notes on his work. The core of the work: the division of work and the "Invisible Hand." From the outset, Smith focuses his analysis on the division of labor. In Book I, he writes: “The greatest improvement in the productive powers of labor, and the greater part of the skill, dexterity, and judgment with which it is applied, seem to have been the effects of the division of labor.”