An
Enquiry into the Nature and Causes of the Wealth of Nations
By
Adam Smith
Preview
An Enquiry into the
nature and causes of the wealth of nations, often known by its shorter name The Wealth of Nations, is the seminal
work of Adam Smith. Published in 1776, it is perhaps the most well-known book
in classical economics and influenced economists and policymakers across the
globe. The book is a critique of the mercantile system that governed economic
policy in Great Britain during Smith's time. The text throws light upon topics
such as: the division of labour, productivity, free markets, and the mercantile
system.
About
the Author
Adam Smith is one of the
most well-known economists of all time. He is considered to be the founder of
the free market economy. His magnum opus The
Wealth of Nations still remains one of the most influential works of
classical economics. He has also written The
Theory of Moral Sentiments, a retelling of which in the form of the book How Adam Smith can change Your Life, is
available on Quiddity.
The
Big Idea: Let the invisible hand guide you through the maze of classical
economics.
In this book, the second
work of Adam Smith, he investigates why certain countries have more wealth than
others. In doing so, Smith presents a framework, which is now seen as a part of
the modern economic theory. This
framework, glorifying free trade and free-market capitalism with minimum intervention
of the government, stayed relevant till the coming of the Great Depression when
Keynesian economics replaced Classical economics. Even now, several of his
principles remain important in the study of economics, and it remains a must-read
for all students of economics.
In
this book, you will learn:
·
Why the division of labour is essential
for increased efficiency
·
Self Interest is best for the interest of
the society
·
What the primary functions of the
Sovereign are
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