Key Ideas

1. Division of labor: Smith argues that division of labor increases productivity and is the key to economic growth. He explains how specialization of tasks leads to efficiency and innovation.

2. Invisible Hand: Smith introduces the concept of the invisible hand, which refers to the self-regulating nature of the market. He argues that individuals pursuing their own self-interest in a free market will unintentionally benefit society as a whole.

3. Free trade: Smith advocates for free trade between nations, arguing that it leads to higher efficiency, innovation, and overall economic growth. He ....
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