Books

First Playfair edition of "the first and greatest classic of modern economic thought" (PMM), the eleventh overall following its first publication in 1776. 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), William Playfair (1759-1823) paired sharp criticism of Smith's ideas with supplementary material bringing the work up to date. In his Wealth of Nations, Smith "begins with the thought that labour is the source from which a nation derives what is necessary to it. The improvement of the division of labour is the measure of productivity and in it lies the human propensity to barter and exchange. The Wealth of Nations ends with a history of economic development, a definitive onslaught on the mercantile system, and some prophetic speculations on the limits of economic control" (PMM). "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). Goldsmiths' 19009; Kress B.4976; Tribe 84. See Printing and the Mind of Man 221. Three vols, octavo (211 x 128 mm). Contemporary tree calf, smooth spines gilt in compartments with black label, brown speckled edges. 19th-century bookplate to front pastedowns and ownership signature to title pages of one John S. Livingston, page of notes on terminal leaf of vol. III in same hand. With half-title in vol. III, without in vol. II, not issued in vol. I; with terminal advertisements in vol. III. Joints and extremities neatly repaired, some foxing to contents. A handsome copy.

"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.