"The Wealth of Nations" introduces several key concepts and theories that have had a lasting impact on economics. Some of the most significant include:
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Published in 1776, Adam Smith’s The Wealth of Nations is widely regarded as the beginning of modern economics. Before Smith, economic thought was dominated by , which equated national wealth with the accumulation of precious metals (bullionism). Smith challenged this paradigm, arguing that the true wealth of a nation is measured not by the gold in its treasury, but by the total production of goods and services available to its citizens—the "annual produce of the land and labor." This shift from accumulation to production and consumption forms the basis of the text. "The Wealth of Nations" introduces several key concepts