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An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith (1723–1790).
Jun 27, 2024 · The Wealth of Nations, work by the Scottish economist and philosopher Adam Smith, first published in 1776, that became a foundational study in the history of economics and the first formulation of a comprehensive system of political economy.
The Wealth Of Nations begins with Smith explaining production and exchange, and their contribution to national income. Using the example of a pin factory, Smith shows how specialisation can boost human productivity enormously.
the savage nations of hunters and fishers, every individual who is able to work, is more or less employed in useful labour, and endeavours to provide, as well as he can, the necessaries and conveniences of life, for himself,
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- Division of labour. Smith’s theory of the division of labour has had a major influence on our understanding of how economies work. According to Smith, the key to increasing productivity is to divide labour into a series of repetitive tasks performed by different people.
- Labour theory of value. Adam Smith’s labour theory of value is one of the key concepts discussed in The Wealth of Nations. According to this theory, the value of a good or service is determined by the amount of labour that was required to produce it.
- Free market philosophy. In The Wealth of Nations, Smith put forth his philosophy of free markets, which argued that individuals pursuing their own self-interest would result in the best outcomes for society as a whole.
- Gross Domestic Product (GDP) The concept of GDP originated in Adam Smith’s writings on wealth and productivity. He argued that a country’s productivity is a result of its ability to accumulate capital through a series of interconnected markets.
Read the full text of Smith's 1776 classic work on capitalism, its causes, principles, and effects. Learn how Smith criticized feudalism, defended free trade, and influenced the bourgeois revolution.
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Jun 29, 2024 · "The Wealth of Nations" is an influential text published by Scottish philosopher and economist Adam Smith in 1776. Its full title is "An Inquiry into the Nature and Causes of the Wealth...
