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An Inquiry Into the Nature and Causes of the Wealth of Nations, Volume 1 Volume 1 ed. Edition
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First published in 1776, the year in which the American Revolution officially began, Smith’s Wealth of Nations sparked a revolution of its own. In it Smith analyzes the major elements of political economy, from market pricing and the division of labor to monetary, tax, trade, and other government policies that affect economic behavior. Throughout he offers seminal arguments for free trade, free markets, and limited government.
Criticizing mercantilists who sought to use the state to increase their nations’ supply of precious metals, Smith points out that a nation’s wealth should be measured by the well-being of its people. Prosperity in turn requires voluntary exchange of goods in a peaceful, well-ordered market. How to establish and maintain such markets? For Smith the answer lay in man’s social instincts, which government may encourage by upholding social standards of decency, honesty, and virtue, but which government undermines when it unduly interferes with the intrinsically private functions of production and exchange.
- ISBN-100865970068
- ISBN-13978-0865970069
- EditionVolume 1 ed.
- PublisherLiberty Fund
- Publication dateFebruary 28, 1982
- LanguageEnglish
- Dimensions6 x 1.6 x 9 inches
- Print length550 pages
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Product details
- Publisher : Liberty Fund; Volume 1 ed. edition (February 28, 1982)
- Language : English
- Paperback : 550 pages
- ISBN-10 : 0865970068
- ISBN-13 : 978-0865970069
- Reading age : 18 years and up
- Lexile measure : 1500L
- Item Weight : 2.23 pounds
- Dimensions : 6 x 1.6 x 9 inches
- Best Sellers Rank: #680,853 in Books (See Top 100 in Books)
- #66 in Economic Theory (Books)
- #677 in Theory of Economics
- #1,443 in Economic History (Books)
- Customer Reviews:
About the author

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment.
Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the father of modern economics and is still among the most influential thinkers in the field of economics today.
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 Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he 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. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirised by Tory writers in the moralising tradition of William Hogarth and Jonathan Swift. In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time. The minor planet 12838 Adamsmith was named in his memory.
Bio from Wikipedia, the free encyclopedia. Photo by unknown artist [Public domain], via Wikimedia Commons.
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This book is where to start if you are interested in seismic model shifts such as the treatise by Jeremy Rifkin in "The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism".
While agreeing with Rifkin that Capitalism is facing serious fatalistic threats, I still hold the view that these volumes are reference material for any scholar. A store of knowledge and wisdom. They are excellent for anyone interested in the field of philosophy and economics.
Jovita
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Reviewed in Germany 🇩🇪 on April 13, 2022
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