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An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith (1723–1790).
Jun 27, 2024 · The Wealth of Nations, work by the Scottish economist and philosopher Adam Smith, first published in 1776, that became a foundational study in the history of economics and the first formulation of a comprehensive system of political economy.
3 [1] THE annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually con-sumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.
The Wealth Of Nations begins with Smith explaining production and exchange, and their contribution to national income. Using the example of a pin factory, Smith shows how specialisation can boost human productivity enormously.
Jun 15, 2024 · Adam Smith, drawing by John Kay, 1790. Despite its renown as the first great work in political economy, The Wealth of Nations is in fact a continuation of the philosophical theme begun in The Theory of Moral Sentiments.
Jun 29, 2024 · Learn about the influential book that introduced the concept of the invisible hand and the benefits of free markets. Find out how Smith criticized mercantilism, government intervention, and human nature in his economic theory.
A classic work of political economy that advocated for capitalism and free trade against feudalism and mercantilism. Read the full text of the book, divided into five books and various chapters, with footnotes and introduction.
