Who wrote "The Wealth of Nations," a foundational economic text?

"The Wealth of Nations," published in 1776, is a foundational text in classical economics written by Adam Smith. In this work, Smith explores various economic principles, such as the division of labor, productivity, and free markets. He argues that when individuals pursue their self-interest within a competitive marketplace, they contribute to the overall economic prosperity of society, a concept often summarized by the phrase "invisible hand." Smith’s ideas laid the groundwork for modern economic theory and provided a framework for understanding capitalism.

The other individuals mentioned are significant figures in economic thought, but their contributions came later and addressed different aspects of economics. John Maynard Keynes is known for his work on macroeconomics and the role of government in stabilizing the economy, particularly through his advocacy of fiscal policy during the Great Depression. Milton Friedman was a key proponent of monetarism and emphasized the importance of controlling the money supply to regulate economic activity. Karl Marx, on the other hand, is known for his critique of capitalism and his theories about socialism and class struggle, which stand in contrast to the ideas presented by Smith.