Adam Smith’s Wealth of Nations is considered the first great work in modern economics

Adam Smith ’s Wealth of Nations ( 1776 ) is still appropriately considered the first great work in modern economics.

Adam Smith realized that a division of labor induced by trade could lead to higher output.

By 1860 , England was the world's richest nation and was essentially tariff-free. By 1930 , the lowering of tariffs rather continuously contributed to the Great Depression of the 1930s .