An Enquiry into the Nature and Causes of the Wealth of Nations
By Adam Smith
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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