Books

3 volumes. An especially early printing, the fourth, only the second of the octavo editions, the last edition with any changes, includes a new preface never before printed, issued only 10 years after the first 2 vol. quarto edition. 8vo, beautiful three-quarter polished calf in fine antique style over marbled paper covered boards, red morocco lettering labels gilt, the spine in compartments separated by gilt bands, gilt central devices in the compartments. viii, 499 + errata; vi, 518, [5] Appendix + errata; v + errata, 465, (47) index + (1) ad pp. A remarkably fine and handsome set, the text blocks completely untrimmed and with the original deckled edges as issued from the printer. Bindings in excellent condition. A BEAUTIFUL SET OF THIS EXTRAORDINARY WORK. Smith's classic work was begun at Toulouse in 1763-64 where he had travelled as guardian of Henry Scott, the young duke of Buccleuch, and in the company of David Hume, historian and fellow professor at Glasgow University. The work took shape over the next ten years and was finally published in 1776. At one point during its composition, Hume wrote that Smith was "cutting himself off entirely from human society." But his labors, however severe his methods, yielded the "first and greatest classic of modern economic thought" (Printing and the Mind of Man). "[I]t may be said that the WEALTH OF NATIONS certainly operated powerfully through the harmony of its critical side with the tendencies of the half-century which followed its publication to the assertion of personal freedom and 'natural rights.' It discredited the economic policy of the past, and promoted the overthrow of institutions which had come down from earlier times, but were unsuited to modern society. As a theoretic treatment of social economy, and therefore as a guide to social reconstruction and practice in the future, it is provisional, not definitive. But when the study of its subject comes to be systematized on the basis of a general social philosophy more complete and durable than Smith's, no contribution to that final construction will be found so valuable as his" (Britannica). The fourth edition contains a special advertisement, first appearing here, in which Smith declares that he is now at liberty to acknowledge my very great obligations to Mr. Henry Hop of Amsterdam. To that gentleman I owe the most distinct, as well as liberal information, concerning a very interesting and important subject, the Bank of Amsterdam. Eighteenth-century editions of Smith's magnum opus are now becoming very scarce.

"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.