Books

Third American edition, preceded by the Philadelphia editions of 1789 and 1796. Smith's masterpiece - "the first and greatest classic of modern economic thought" (PMM) - was first published in 1776. The copy of Lucius Quintius Cincinnatus Elmer (1793-1883), Democratic Congressman from New Jersey from 1843 to 1845, with his book label to the front pastedowns. Two vols, octavo (211 x 124 mm). Contemporary tree sheep, red and black labels, gilt in compartments, blue speckled edges. 19th-century stamp of one Trenchard More to front free endpaper of vol. I (the Mores were an old Pennsylvania family), pencilled signature of one James More underneath (and on front free endpaper of vol. II), early ownership signature of Robert Smith to both title pages (and first page of text to vol. I, contents page to vol. II). Joints and extremities neatly restored, gilt retouched to spines, front free endpapers of vol. I discreetly re-inserted. Black ink staining to fore and top edge of vol. II (not encroaching into margin of pages). Lightly browned as usual, occasional minor soiling, worming at top fore corner of initial 20 leaves of vol. I not affecting text, vol. II pp. 289/90 with minor chip and short closed tear slightly affecting text. A very good copy. Tribe 81.

"The Wealth of Nations" is a seminal work by the Scottish economist and philosopher Adam Smith, published in 1776. It is considered one of the foundational texts of modern economics and a cornerstone in understanding the principles of capitalism and free-market economies. Smith's primary focus is to analyze the nature and causes of the wealth of nations. He introduces the concept of the "invisible hand," arguing that individuals pursuing their self-interest in a competitive market inadvertently contribute to the overall economic well-being of society. Smith illustrates how the division of labor leads to increased productivity and efficiency within industries, consequently fostering economic growth. He emphasizes that specialization allows workers to become more skilled and efficient at their tasks, leading to higher output. Central to Smith's ideas is the notion of free trade and the benefits it brings. He advocates for minimal government intervention in economic affairs, believing that markets left to operate freely tend to regulate themselves through the forces of supply and demand. However, Smith also acknowledges the importance of certain governmental roles, such as providing public goods, maintaining infrastructure, enforcing contracts, and protecting society from external threats. Smith criticizes mercantilism, the prevailing economic system of his time, which emphasized accumulating wealth through a positive balance of trade and a strong focus on exporting while limiting imports. He argues that this approach is counterproductive and advocates for free trade, stating that a nation's wealth is not solely measured by its stock of gold and silver but by the productivity and living standards of its people. Furthermore, Smith discusses the role of wages, profits, and rent in the economy, addressing factors influencing each and their impacts on economic development. He delves into the relationship between economic growth, capital accumulation, and technological progress, highlighting the significance of innovation and investment in driving long-term prosperity. In essence, "The Wealth of Nations" provides a comprehensive analysis of the mechanisms underlying economic systems, advocating for free markets, individual liberty, and limited government intervention as the pillars for generating wealth and fostering societal advancement. Its influence extends across various fields, shaping economic thought and policy for centuries to come.