Wealth of Nations and Intellectual Capitals : Adam Smith Approaches

Adam Smith has two principles: laissez faire and absolute advantage theory. This study has 3rd dimension for wealth of nations. It is intellectual capital. Because intellectual capitals increase GDP of nations, and create wealth for nations. ICs have accumulated knowledge, and ICs make innovations for company via this knowledge. For example, American economy has full of ICs, corporate CEOs. CEOs make country rich. CEOs are intellectual capital. For example, Steve Jobs created smart phone, and Apple becomes no.1 in markets. Therefore, ICs (corporate CEOs) make a country richer. Intellectual capital is related with human resource management. Therefore, a country make investment to human resource management to create wealth of nations and intellectual capitals