Books

Rare 18th century edition of Adam Smith's magnum opus and cornerstone of economic thought. Octavo, 3 volumes, bound in half calf over marbled boards, gilt titles to the spine, morocco spine labels. In near fine condition. A very nice set of this classic work. Adam Smith's 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. "The history of economic theory up to the end of the nineteenth century consists of two parts: the mercantilist phase which was based not so much on a doctrine as on a system of practice which grew out of social conditions; and the second phase which saw the development of the theory that the individual had the right to be unimpeded in the exercise of economic activity. While it cannot be said that Smith invented the latter theory.his work is the first major expression of it. He begins with the thought that labour is the source from which a nation derives what is necessary to it. The improvement of the division of labour is the measure of productivity and in it lies the human propensity to barter and exchange.Labour represents the three essential elements-wages, profit and rent-and these three also constitute income. From the working of the economy, Smith passes to its matter -'stock'- which encompasses all that man owns either for his own consumption or for the return which it brings him. The Wealth of Nations ends with a history of economic development, a definitive onslaught on the mercantile system, and some prophetic speculations on the limits of economic control.The Wealth of Nations is not a system, but as a provisional analysis it is complete convincing. The certainty of its criticism and its grasp of human nature have made it the first and greatest classic of modern economic thought" (PMM).

"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.