Scottish economist and author of the wealth of nations

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scottish economist and author of the wealth of nations

An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith

Adam Smiths masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the principles behind, modern capitalism. Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reichs Introduction both clarifies Smiths analyses and illuminates his overall relevance to the world in which we live. As Reich writes, Smiths mind ranged over issues as fresh and topical today as they were in the late eighteenth century--jobs, wages, politics, government, trade, education, business, and ethics.



Introduction by Robert Reich - Commentary by R. H. Campbell and A. S. Skinner - Includes a Modern Library Reading Group Guide
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Published 07.01.2019

"The Wealth of Nations" by Adam Smith

Adam Smith

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The latter, often abbreviated as The Wealth of Nations , is considered his magnum opus and the first modern work of economics. In his work, Adam Smith introduced his theory of absolute advantage. Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford , where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh , [8] leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, teaching moral philosophy and during this time, wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith laid the foundations of classical free market economic theory.

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Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy. After toiling for nine years, in Smith published An Inquiry into the Nature and Causes of the Wealth of Nations usually shortened to The Wealth of Nations , which is thought of as the first work dedicated to the study of political economy. - 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. First published in , 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.

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. The ultimate problem to which Smith addresses himself is how…. Strongly opposed to the mercantilist theory and policy that had prevailed in Britain since the 16th century, Smith argued that free competition and free trade, neither hampered nor coddled by government, would…. After the French Revolution and the Napoleonic Wars had swept the…. This denigrated mercantilism and advocated free, or at least freer, trade and…. Adam Smith in The Wealth of Nations gave the classic description of the new production system as exemplified by a pin factory:.

Adam Smith was a Scottish philosopher and economist who is best known as the author of An Inquiry into the Nature and Causes of the Wealth Of Nations , one of the most influential books ever written. Importing goods from abroad was seen as damaging because it meant that this wealth must be given up to pay for them; exporting goods was seen as good because these precious metals came back. So countries maintained a vast network of controls to prevent this metal wealth draining out — taxes on imports, subsidies to exporters, and protection for domestic industries. The same protectionism ruled at home too. Cities prevented artisans from other towns moving in to ply their trade; manufacturers and merchants petitioned the king for protective monopolies; labour-saving devices were banned as a threat to existing producers. He argued that in a free exchange, both sides became better off.

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