On this day in 1776, the Scotsman Adam Smith saw his monumental treatise on economics, "The Wealth of Nations" released. While Smith had some misapprehensions, such as still believing that the value of something was detrmined by how much work went into it (the correct view is that the CONSUMER determines the value of something), he was one of the first to articulate the idea that people in free association tend to work for their wants by making things that fulfill the wants of others. As Smith put it, society is driven by the "invisible hand" of self-interested parties serving the needs of each other in a free market of exchange. Thus, living standards are bettered through peaceful market exchange.

This piece by Mark Skousen discusses some of the contemporary hacks who are trying to muddy the waters of SMiths intellectual breakthrough: http://www.thefreemanonline.org/headline/invisible-hand-middle/

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