An annotated edition of Adam Smith’s legendary The Wealth of Nations has recently been published. ASI director, Eamonn Butler, wrote the foreword. The subtitle of the edition is plain but true: The Economics Classic. Adam Smith, the father of economics, essentially created the study with this book. The most fundamental observations and assertions Smith expresses in the book are still relevant and remain the foundation of every microeconomics class. Every student and scholar of economics knows the famous quote, “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.” This edition highlights such fundamental concepts that are useful to everyone
Eamonn Butlers’ foreword highlights the relevance of Smith’s groundbreaking ideas and stresses how it was a catalyst for change in economic thought. Mercantilist ideas of zero-sum trade and wealth were erroneous and harmful to everyone. Smith, as outlined in the foreword, had tremendous influence on policies that have dramatically increased the wealth for all. The treasure of an unhampered market is its ability to help those who need it most, while rewarding those that supply it.