5 terms


most famous work
Wealth of nations - 1776
book identified what 3 factors of production
land, labor, capital - 3 major contributors to nation's wealth
invisible hand
market mechanism- leads all individuals in pursuit of their own self interests to produce greatest benefit for society as a whole
main concept re regulation
laissez faire
what did he emphasize?
production of income - caused rise of wealth at level unparalleled in modern times