The Wealth of Nations Part I

First published in 1776, this work is the classic statement of economic liberalism or the policy of laissezfaire. Several fundamental principles or "axioms" were introduced in this work, including the division of labor, supplyanddemand, and free market capitalism as some of the most obvious. Smith's political economy is primarily individualistic: selfinterest is the incentive for economic action. However, he shows that universal pursuit of selfinterest contributes to the public interest, a concept probably best encapsulated by John F. Kennedy when he remarked, "a rising tide raises all boats."