Adam. Smith's The Wealth of Nations, the full name of which is Research on the Nature and Causes of National Wealth, tells that the division of labor based on exchange is the cause of social and economic development and wealth growth, and its mechanism condition is to give full play to the role of the market in allocating resources, so it is necessary to avoid distortion caused by the intervention of government rights as much as possible.

The Wealth of Nations is divided into five chapters, which respectively discuss the reasons for the improvement of productivity and product distribution, the nature and accumulation of assets, the different development of wealth in different countries, political and economic systems and the income of monarchs or countries.

? On the one hand, Adam Smith first expressed his opposition to mercantilism, affirmed the labor theory of value, and believed that labor and division of labor were important factors to promote economic development. Adam Smith advocates labor, which is the yardstick to measure the exchange value of all commodities, and emphasizes that the fundamental reason of social wealth is labor, that is to say, national wealth is created by real productive labor, not by rising prices, not by advocating asset bubbles. In recent years, housing prices in a few first-tier cities and some second-tier cities in China have continued to skyrocket. Is the real national wealth growing so fast? No, it's just that the asset bubble is expanding. To truly realize the country's prosperity and improve people's living standards, it is still necessary to rely on the real economic sector to create more useful products. The theory of division of labor runs through The Wealth of Nations and is an important foundation of Adam Smith's economic theory. Adam Smith believes that social division of labor can not only greatly improve labor productivity, but also improve labor skills, promote technological progress, and ultimately play a positive role in economic development. At present, the reason why China wants to replace business tax with value-added tax is to further realize the division of labor.

On the other hand, the laissez-faire economy advocated by Adam Smith is the core idea of The Wealth of Nations. Through the hypothesis of "rational economic man", this paper depicts the adjustment of the invisible hand of the law of value to the economic operation. Adam Smith believes: "Everyone should be completely free, let him pursue his own interests in his own way and compete with any other person or class with his own labor and capital." And "he was led by an invisible finger and tried his best to achieve a goal that was not his intention." He pursues his own interests, which often enables him to promote the interests of society more effectively than he really intended. "For a long time, the invisible hand theory, as one of the most important theories in economics, reflects Adam Smith's thought of free economy, advocates solving economic problems through market mechanism, reducing government intervention, lowering tariffs and promoting free trade, and believes that the free flow of economic factors and effective market competition will spontaneously adjust the resource allocation of the whole society through the law of value, thus eliminating injustice, promoting economic development and achieving the effect of generally increasing social interests. China's current policy of letting the market play a decisive role in resource allocation and reducing government intervention in the market is the embodiment of this idea.

From The Wealth of Nations, we have learned a profound truth: the market economy with liberalism as the core is also very important to China's economic development. Today, in China, it is only 40 years since it was separated from the planned economy. Compared with Britain's free economic consciousness for nearly 300 years, the eastern coastal open cities are OK, while the western region is obviously a little backward. Today's world situation is complex and changeable, the global economy is weak and the recovery is weak. In this environment, as the second largest economy in the world, although China still maintains a medium-high economic growth rate and has made remarkable achievements in supply-side structural reform, industrial structure optimization and upgrading, and scientific and technological innovation and development, we still face challenges and difficulties, and we still need to learn from the lessons of the past, learn from the strengths of others, absorb and learn from the outstanding achievements of our predecessors, and realize the great dream of prosperity and strength.