agent
Burnside Rare Books
2505 Southeast 11th AvenuePortlandOR 97266United States
Call :
+1 503-243-2665Rachel Phillips
visit agent websiteMore Books from this agent
1789
USD$25,000

Description

Philadelphia: Thomas Dobson, 1789. First American Edition. Near Fine. First American edition of the author's magnum opus. [6, blank], 412; [4, blank], 430, [2, blank]; [2, blank], 387, [1, blank], [53, index], [3, blank] pp. Bound in full contemporary sheep, rebacked to style. Spine stamped in gilt. Red morocco spine labels, lettered in gilt. Complete in three volumes, 12mo. Near Fine with tanning to end sheets with ownership names written at each title; a separate former contemporary owner of W. Hamilton each volume, on top margin of advertisement in volume I, on title-page of volume II and on Contents page of volume III. Light notations. Contents lightly toned with sporadic foxing. A handsome set of the first American edition of Smith's unequivocal groundbreaking work on economic philosophy. Published thirteen years after the first edition and based on emendations and revisions made for the fourth edition, this first American edition of The Wealth of Nations significantly appeared…

About The Wealth of Nations

"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.