Smith's seminal work, The Wealth of Nations , aims to create a new understanding of economics. Smith writes largely against the mercantile system that existed at the time of writing, but, along the way, gives a complicated but brilliant account of an economic system based in human nature and deeply rooted social dynamics. The text is characterized by fact-heavy digressions, tables, and appendices that blend hard research with broad generalities, demonstrating his commitment to give evidence for what seem like timeless observations about the nature of economics.

Books I and II focus on developing the idea of the division of labor, and describing how this division adds to the opulence of a given society by creating enormous surpluses, which can be exchanged among members. The division of labor also fuels technological innovation, by giving intense focus to certain tasks, and allowing workers to brainstorm ways to make these tasks more efficient. This, again, adds to efficiency and grows surpluses. Surpluses, Smith writes, may be either traded or re-invested. In the latter case, technologies are likely to improve, leading to even greater efficiencies.

Book III considers Great Britain in the context of the the social evolution of society in general, which begins, according to Smith, with hunting and gathering societies and progresses through agricultural stages to arrive at a state of international commerce. According to Smith, the fall of Rome and the rise of feudalism retarded this progression by creating a system of decreased efficiency.

Wealth of Nations — Titelseite von Adam Smiths Hauptwerk (1776) Der Wohlstand der Nationen (vollständiger engl. Titel: An Inquiry into the Nature and Causes of the Wealth of Nations) ist das am 9. März 1776 erschienene Hauptwerk des schottischen Ökonomen Adam Smith …   Deutsch Wikipedia

Wealth of Nations, The —  by Adam Smith; formally it is entitled Inquiry into the Nature and Causes of the Wealth of Nations (1776) …   Bryson’s dictionary for writers and editors

IQ and the Wealth of Nations — Infobox Book name = IQ and the Wealth of Nations title orig = translator = image caption = IQ and the Wealth of Nations cover author = Richard Lynn Tatu Vanhanen illustrator = cover artist = country = language = English series = subject = genre …   Wikipedia

Smith's seminal work, The Wealth of Nations , aims to create a new understanding of economics. Smith writes largely against the mercantile system that existed at the time of writing, but, along the way, gives a complicated but brilliant account of an economic system based in human nature and deeply rooted social dynamics. The text is characterized by fact-heavy digressions, tables, and appendices that blend hard research with broad generalities, demonstrating his commitment to give evidence for what seem like timeless observations about the nature of economics.

Books I and II focus on developing the idea of the division of labor, and describing how this division adds to the opulence of a given society by creating enormous surpluses, which can be exchanged among members. The division of labor also fuels technological innovation, by giving intense focus to certain tasks, and allowing workers to brainstorm ways to make these tasks more efficient. This, again, adds to efficiency and grows surpluses. Surpluses, Smith writes, may be either traded or re-invested. In the latter case, technologies are likely to improve, leading to even greater efficiencies.

Book III considers Great Britain in the context of the the social evolution of society in general, which begins, according to Smith, with hunting and gathering societies and progresses through agricultural stages to arrive at a state of international commerce. According to Smith, the fall of Rome and the rise of feudalism retarded this progression by creating a system of decreased efficiency.

Smith: Wealth of Nations: Library of Economics and Liberty


The Wealth of Nations Adam Smith Institute

Posted by 2018 article

51XUXiH--nL