Books

The 11th Edition; with Notes, Supplementary Chapters, and a Life of Dr. Smith by William Playfair. In three volumes. 8vo. 8 1/2" by 5 1/2". Very good in contemporary tree calf over boards. Smooth spines with elaborate gilt panels, gilt lettering (on black label) in second panel and in fourth panel. Page edges are blue speckled but also age- and soil-darkened; small stain on the side edges of Vol II. Gilt dentelles on external board edges, albeit rubbed in many places. Fore-edge corners and adjacent edges are rubbed through. Front spine hinges on Vol I and III are cracked in several places but holding. All upper edges at heads of spines have some degree of splitting and with loss on the front corners of 3/16" or less; edge and corners at spine tail of Vol I are split. All volumes have the same bookplate. End papers have transfers stains and glue stains from binding. Vol I does not have a half-title page, apparently as issued. Title page is followed by four pages of Advertisements for the Third, Fourth and this edition; Preface (3), and 515 numbered pages; Vol II has a half-title page, title page, and contents (viii), 567 numbered pages of which 562 are text, followed by Appendix; Vol III has a half-title page, title page, and contents (viii), 590 numbered pages of which 537 are text and the remaining are Index, and two pages of ads. Internal foxing only on end papers, text pages are age-toned, else internally clean. Text blocks are sound. Please use close-up options for best inspection and in support of condition descriptions. Additional photos available at your request.

"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.