This work's first chapter uses the pin-making industry to model of division of labor, and its final chapters argue for progressive taxation. Although it predates the theory of comparative advantage, this book argues against the keeping of large gold reserves, protectionist tariffs, and other tenets of mercantilism. Later, this work describes a force that leads individuals to promote societal interest by pursuing their own interests, the "invisible hand." FTP, name this first major treatise on economics, written in 1776 by Adam Smith.
This work's first chapter uses the pin-making industry to model of division of labor, and its final chapters argue for progressive taxation. Although it predates the theory of comparative advantage, this book argues against the keeping of large gold reserves, protectionist tariffs, and other tenets of mercantilism. Later, this work describes a force that leads individuals to promote societal interest by pursuing their own interests, the "invisible hand." FTP, name this first major treatise on economics, written in 1776 by Adam Smith.
This work's first chapter uses the pin-making industry to model of division of labor, and its final chapters argue for progressive taxation.
An Inquiry into the Nature and Causes of the {Wealth} of {Nations}