Search results
The natural effort of every individual to better his own condition...is so powerful, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations.
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).
- Harry Atkins
- 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.
- Equity. In this context, equity means that the taxation of people or organizations should be proportional to their income. That means the more money a person earns, the higher their income taxes should be, and vice versa.
- Certainty. Certainty refers to the idea that taxation should be clear and transparent. That means everybody should know or quickly find out how much they have to pay, when they have to pay, and how they have to pay their taxes.
- Convenience. Convenience means that both the timing, as well as the method of payment are convenient for the taxpayers. That means the tax system should be designed in a way that allows people to quickly file and pay their taxes when they’re due.
- Economy. In this context, economy refers to the principle that the cost of collecting taxes should be minimized. That means the government has to ensure that the collection of taxes only requires the least possible expenditure.
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. Despite its renown as the first great work of political.
Wealth of Nations, II:III, p.342. Explore thought-provoking quotes and frequently asked questions about Adam Smith. Gain deeper insights into the mind of the pioneering economist and philosopher, his perspectives on economics, morality, and society, all at Panmure House.
People also ask
Is the wealth of Nations a true Maxim?
When did Adam Smith write the wealth of Nations?
Who wrote the wealth of Nations?
What is a nation's wealth?
Feb 9, 2020 · A nation’s wealth is its per capita national product – the amount that the average person actually produces. For any given mix of natural resources that a country might possess, the size of this per capita product will depend on the proportion of the population who are in productive work.
