The Duke's Reviews > An Inquiry into the Nature and Causes of the Wealth of Nations

A text that's still relevant (and its main points still taught). The Wealth of Nations is far from a short read, but I feel like it's main points are pretty easy to sum up and since when they have been put into practice we have seen the results intended, it has maintained its importance.

Basically it states that producers are better off investing in capital and labor (creating a division of labor) so each laborer only has to specialize in one task, thus creating a far more efficient output. Ultimately specialization doesn't only increase speed and surplus (which can be traded for goods or exchanged for currency) but it also leads to further innovation, because the more familiar a person is with a task the easier it will be for them to find a way around it.

Next, self interest serves the economy as a whole, because the famous invisible hand will guide competitors to create higher quality products and offer better customer service because it's in their best interest. Avoiding these tasks or taking shortcuts will hurt them.

The market is more efficient than the government so the role of government should be limited to defense, infrastructure and education. Basically made it sound like the more centralized the decision are, the more harmful they can be towards the growth of the economy.

Ultimately, I'm happy I read this book. Whether you agree or disagree with a laissez-faire economy, it's good to read the source material.