This work proposes a series of stages of economic development progressing from hunting to nomadic agronomy to feudal farming to business interdependence.
This work proposes a series of stages of economic development progressing from hunting to nomadic agronomy to feudal farming to business interdependence. This work introduced early formulations of the labor theory of value as well as comparative advantage. In it, land, labor, and capital are referred to as the three factors of production. More importantly, it attacks mercantilism and states that economic growth is dependent on the accumulation of capital. Speaking of a system of "perfect liberty", FTP, name this book which posited the "invisible hand" and called for a free market economy, the central work of Adam Smith.
This work proposes a series of stages of economic development progressing from hunting to nomadic agronomy to feudal farming to business interdependence.
An Inquiry into the Nature and Causes of the {Wealth of Nations}