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He explains the basic structure of economic activity (Book I), then explores how that structure naturally transforms over time (Book II), shows that his theory can correctly explain the past (Book III), explains why it is superior to other theories (Book IV), and examines its implications for government and policymaking (Book V).
Often considered the foundational text of modern economics, Adam Smith’s massive 1776 treatise The Wealth of Nations addresses a wide range of interconnected questions about how labor, consumption, trade, and good government can help societies grow wealthier over time.
The Wealth of Nations —first published in 1776, during the Scottish Enlightenment and Agricultural Revolution—is Smith’s seminal work, in which he analyzes what constitutes the wealth of a country and reasons why certain nations obtain more per capita wealth than others.
The best study guide to The Wealth of Nations on the planet, from the creators of SparkNotes. Get the summaries, analysis, and quotes you need.
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As a philosopher, Smith was interested in finding intellectual justification for certain economic principles that he came to believe, but as an economist and writer, he was interested in making his ideas prevail in the world of business. He was reacting against oppressive systems of economic control that were restricting the growth of business, but...
Smith begins his work with the assumption that whatever a nation consumes either is the product of the annual labor of that nation or is purchased with the products of labor. The wealth of the nation depends upon the proportion of the produce that goes to the consumers, and that proportion depends partly upon the proportion of those who are employe...
Book 1 of The Wealth of Nations considers the question of how the skill of the laborers can best be increased. Book 2 is a study of capital stock, since it is argued that the proportion of workers to nonlaborers is a function of the amount of capital stock available. In book 3 Smith explains how Europe came to emphasize the industry of the towns at...
Money originated as a means of facilitating exchange when the products of those who wish to barter are not desired by those with whom they choose to trade. To use Smiths example, a butcher who has all the bread and beer he or she needs will not accept more bread or beer in exchange for meat. If the person with bread or beer can exchange it elsewher...
Among the most important ideas in The Wealth of Nations is Smiths claim that labor is the real measure of the exchangeable value of commodities....
The Wealth of Nations study guide contains a biography of Adam Smith, literature essays, a complete e-text, quiz questions, major themes, characters, and a full summary and analysis. Best summary PDF, themes, and quotes.
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Free summary and analysis of the events in Adam Smith's The Wealth of Nations that won't make you snore. We promise.
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