Adam Smith (1723-1790) was an 18th century Scottish philosopher and economist who wrote The Wealth of Nations, a famous book on economics. He determined that the wealth of nations was a result of the division of labor which is the idea that rather than every man living self-sufficiently and producing all of his own material needs, each man rather specializes in a certain field or trade and produces efficiently things at which he is most proficient and trades with others who do the same. The division of labor leads to the need for free trade among nations so that nations can benefit from the specialization of other nations. Smith also popularized the notion of “the invisible hand” which makes production and wealth possible through self-interest. He wrote: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”
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