In 1776, an economics book titled “The Wealth of Nations” was published. The book was written by Scottish economist and moral philosopher Adam Smith. In the book, Smith argued that the wealth of a nation is not determined by its gold and silver reserves, but by its production of goods and services. He also argued that the best way to promote economic growth is through free trade and competition. The book was very influential in the development of classical economics, and it remains one of the most important works in the field of economics.
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