Books

Duodecimo in sixes, 4 volumes: pp., viii, 304; iv, 286; iv, 284, [6]; iv, 280. Bound in full contemporary tree calf over boards; gilt fillets across spine, gilt volume numbers, red spine labels with gilt titles; blue and red marbled fore-edges. Small crack (3cm) starting to upper joint of vol. 1., some light toning and foxing mainly to prelims, and a contemporary inscription to ffeps "Malcolm Buchanan's Book 1815" otherwise free from inscriptions or annotations. A handsome early Scottish edition, in a contemporary binding, of the magnum opus of the economist, moral philosopher and key figure of the Scottish Enlightenment Adam Smith (1723-1790). Published in Glasgow, the city where Smith studied as a young man and held posts at the University, variously as Professor of Logic in 1751 and then Professor of Moral Philosophy until he left academia in 1764. Although not published until 1776, Smith developed and lectured on many of the leading themes in Wealth of Nations whilst teaching at Glasgow, with the work going on to lay the foundations of both classical free market economic theory and the modern academic discipline of economics. "Where the political analysis of human rights had taken two centuries to explore, Smith's achievement was to bring the study of economic aspects to the same point in a single work. The first and greatest classic of modern economic thought". (PMM 221).

"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.