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Adam Smith revolutionized economic theory with his 1776 work An Inquiry into the Nature and Causes of the Wealth of Nations. He proposed rules governing labor, supply, and demand; and describes division of labor, stockpiling of wealth, lending, and interest. Smith also discusses how economies lead to opulence. Wealth of Nations also offers a defense for free-market capitalism. Any student of economics should be familiar with the concepts and laws that Smith developed, as much of economic theory is still based upon his work. This Cosimo Classic is an unabridged reprint of the 4th edition, published in London in 1786, and contains both Volume I and Volume II together in the same edition. Scottish economist and philosopher ADAM SMITH (1723-1790) helped set standards in the fields of political economics and moral philosophy, playing a key role in the early development of the scholarship of economics. His other writings include Essays on Philosophical Subjects.
This edition contains generous selections from all five volumes of The Wealth of Nations, and places Smith's inquiry into its historical, intellectual, and cultural context.
The complete five unabridged books of The Wealth of Nations by Adam Smith. This epic collection of economic ideas show that people and free markets drive improvements, not governments and regulation. First published the same year as the Declaration of Independence in 1776, it became a prescient blueprint for the new United States of America. No student of thought should be without this historic book. This classic volume is provided here with full text at an affordable price. TABLE OF CONTENTS BOOK I. OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS OF LABOR, AND OF THE ORDER ACCORDING TO WHICH ITS PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE BOOK II. OF THE NATURE, ACCUMULATION, AND EMPLOYMENT OF STOCK BOOK III. OF THE DIFFERENT PROGRESS OF OPULENCE IN DIFFERENT NATIONS BOOK IV. OF SYSTEMS OF POLITICAL ECONOMY BOOK V. OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH
The Wealth of Nations is the magnum opus of the Scottish economist and moral philosopher Adam Smith. The book offers one of the world's first collected descriptions of what builds nations' wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labor, productivity, and free markets. The Wealth of Nations was the product of seventeen years of notes and earlier works, as well as an observation of conversation among economists of the time concerning economic and societal conditions during the beginning of the Industrial Revolution. The result was a treatise which sought to offer a practical application for reformed economic theory to replace the mercantilist and physiocratic economic theories that were becoming less relevant in the time of industrial progress and innovation.