in 1776, an economics book titled was published to promote the concept of free enterprise.

Question:- in 1776, an economics book titled was published to promote the concept of free enterprise.

Answer:

The economics book that supported free economies in the year 1776 was “The Wealth of Nations” authored by Adam Smith, a Scottish economist.

As the work is still studied today, “The Wealth of Nations” is considered one of the greatest books in the sphere of economy. This book was the first to present and explain several important economic principles, among which the free market economy had a significant place. Smith claimed that the wealth of a nation and its amelioration could be generated via persons’ desire for personal gain and rivalry by utilizing a free market economy. For instance, Smith suggested that those who work for their benefit are directed by an ‘invisible hand’ that results in a positive impact on society. This idea assumes that every agent in the market has its self-interest forcing it to act efficiently the result being an effective market and overall efficiency without the need to call for planning. The book also discussed topics like division of labour, output, and efficiency on account of the division of labour. For instance, Smith gave the seemingly mundane example of a pin factory to explain how splitting up jobs into many parts would enhance efficiency. Through such ideas “The Wealth of Nations” became a primary source for the formation of modern economic concepts and involves impact on the policy and theory to the current world. Its publication made in 1776, was one of the most important achievements in the sphere of economic philosophy and the encouragement of the free market