Smith argued against government interference like tariffs or subsidies, believing that open competition and the voluntary exchange of goods lead to a self-regulating, thriving economy.
He proposed that the real measure of a commodity's value is the amount of labor required to produce it, though this idea has since been heavily refined by later economists. The Five Books of the Treatise The Wealth of Nations - An Inquiry Into the Nat...
This metaphor describes how individuals pursuing their own self-interest—such as a baker selling bread for profit—unintentionally benefit society by providing necessary goods and services at natural market prices. Smith argued against government interference like tariffs or