Books

First Playfair edition of "the first and greatest classic of modern economic thought" (PMM); a superlative copy in the original boards, and with an excellent provenance, coming from the library of free-market Nobel Laureate George Stigler, with his bookplate loosely inserted. George Stigler (1911-1991) was, like Smith, a lifelong advocate of free market economics, and a leader of the Chicago School. In 1947, he co-founded, with Hayek, the Mont Pelerin Society, the intellectual vanguard of the neoliberal counter-revolution against encroaching government control, later serving as its president from 1976-78. He was awarded the Nobel Prize in Economics in 1982 "for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation". George Stigler received a stock of personalized bookplates in his lifetime, but did not use them; they were loosely inserted into his volumes after his death by his family. The Wealth of Nations was first published in 1776, with this the eleventh edition overall, and the first under Playfair's editorship. "The Wealth of Nations had no rival in scope or depth when published and is still one of the few works in its field to have achieved classic status, meaning simply that it has sustained yet survived repeated reading, critical and adulatory, long after the circumstances which prompted it have become the object of historical enquiry" (ODNB). The editor William Playfair (1759-1823), a writer First Playfair edition of "the first and greatest classic of modern economic thought" (PMM); a superlative copy in the original boards, and with an excellent provenance, coming from the library of free-market Nobel Laureate George Stigler, with his bookplate loosely inserted. George Stigler (1911-1991) was, like Smith, a lifelong advocate of free market economics, and a leader of the Chicago School. In 1947, he co-founded, with Hayek, the Mont Pelerin Society, the intellectual vanguard of the neoliberal counter-revolution against encroaching government control, later serving as its president from 1976-78. He was awarded the Nobel Prize in Economics in 1982 "for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation". George Stigler received a stock of personalized bookplates in his lifetime, but did not use them; they were loosely inserted into his volumes after his death by his family. The Wealth of Nations was first published in 1776, with this the eleventh edition overall, and the first under Playfair's editorship. "The Wealth of Nations had no rival in scope or depth when published and is still one of the few works in its field to have achieved classic status, meaning simply that it has sustained yet survived repeated reading, critical and adulatory, long after the circumstances which prompted it have become the object of historical enquiry" (ODNB). The editor William Playfair (1759-1823), a writer on political economy best known as the inventor of three fundamental forms of statistical graph (the time-series line graph and the bar and pie charts), paired sharp criticism of Smith's ideas with supplementary material bringing the work up to date. READ MORE Three vols, octavo. Uncut in original boards. Housed in a black cloth flat-back box with dark red leather label. Contemporary engraved ticket and a few botanical specimens loosely inserted; neat contemporary ownership signature of G. Stachemberg on front pastedowns of vols I and II and front free endpaper of vol. III, with "Le Comte de Stachemberg" bookplate loosely inserted. Slight loss at foot of spines, occasional light foxing, generally in superb condition: fresh, unpressed copies. Goldsmiths' 19009; Kress B.4976; Tribe 84.

"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.