Books

In a 20th century binding, quarter morocco over marbled boards, with gold-on-black spine labels. Bound without half titles. Three different circular embossed stamps (blind stamps) are noted, each about 1.5 inches in diameter. The first, reading "LIBRARY OF ARTHUR BEISS" on the circumference and "ABJ" in the center, appears on an early blank in each volume. The second is essentially the same, but reads "LIBRARY OF JUDITH BEISS" on the circumference and "JBA" in the center, and is found on a rear blank in each volume. A third circular embossed stamp of the same size is not entirely legible. It reads "THE [illegible] LIBRARY ASSOCIATION" on the circumference, with two smaller illegible lines, and a year, probably 1885, in the center. It is found on page 5 of each volume, and also on page 345 of volume 2, and page 327 of volume 3. The volumes contain no other ownership markings or annotations or markings of any kind. The pages are mildly foxed but without tears or other damage. . Three volumes, separately paged.

"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.