Books

This is a rare, early edition of "An Inquiry into the Nature and Causes of the WEALTH OF NATIONS" by Adam Smith. 1796 2nd American edition; Thomas Dobson; Philadelphia. Complete set in three volumes. Uncommon in original, full-leather binding as issued. Rare, early 2nd American edition of the first great work in political economy (following the 1st American edition in 1789). The work offers one of the world's first collected descriptions of what builds nations' wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the work touches upon such broad topics as the division of labor, productivity, and free markets. (Note: within volume I is an "Advertisement" for the "Third Edition," and one for the "Fourth Edition" - the references to these editions take into account earlier UK publications since the first UK edition of 1776. The set offered here is the 2nd American edition from 1796, following the 1st American edition from 1789.) Condition: Ex-library set with the typical treatments (ID labels taped onto the spines; card sleeve, date sheet, modern ID tags on the rear end papers & pastedowns; library "Regulations" sheet affixed to the front pastedowns). Volumes 2 and 3 are tightly bound with no cracks and no loose pages - all covers of these 2 volumes are firmly attached. The front cover of volume 1 has nearly separated and is only attached by the 2 center strings, and by the clear tape over the labels on the spine; the back cover is firmly attached. The back cover of volume 1 has a strip at the left half where the top leather layer has peeled. The top of the volume 1 & 2 spines have wear. All cover corners are worn/rounded. The pages are in generally good condition with age-toning and consistent mild foxing. Overall the set is in Fair condition.

"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.