Books

A very smart early nineteenth century edition of Adam Smith's enormously influential work of classical economics. An attractive 1819 three volume edition of this work, which was first published in 1776.This edition includes a biography of the author - described by some as both 'The Father of Economics' and 'The Father of Capitalism' - and an essay in which 'A View of the Doctrine of Smith' is compared with that of the French economist Germain Garnier.Smith's work is widely held as perhaps the most influential and foundational text in the field of economics, laying the groundwork form modern economic thought and policy, and discussing matters including division of labour and the free market, and introducing the metaphor of 'the invisible hand'.A smart early nineteenth century edition of Smith's magnum opus, the first modern work to treat economics as a comprehensive system, and as an academic discipline. In half calf bindings, with marbled paper covered boards. Endpapers renewed. Light fading to back strips, with light rubbing to joints and board perimeters, and a minor chip to the head of volume III back strip. Internally, firmly bound. Pages lightly age toned throughout, with significant spotting to first and last few leaves of each volume, and most concentrated throughout volumes I and II. Light tide marks to fore edge and tail of first nine leaves of volume II. Very Good.

"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.