An Inquiry into the Nature and Causes of the Wealth of Nations

Adam Smith

korr 2008 · University of Chicago Press

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Adam Smith's The Wealth of Nations was recognized as a landmark of human thought upon its publication in 1776. As the first scientific argument for the principles of political economy, it is the point of departure for all subsequent economic thought. Smith's theories of capital accumulation, growth, and secular change, among others, continue to be influential in modern economics.

This reprint of Edwin Cannan's definitive 1904 edition of The Wealth of Nations includes Cannan's famous introduction, notes, and a full index, as well as a new preface written especially for this edition by the distinguished economist George J. Stigler. Mr. Stigler's preface will be of value for anyone wishing to see the contemporary relevance of Adam Smith's thought.

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George Stigler was an American economist whose staunch support of the price system and competitive market forces made him one of the leading proponents of the "Chicago school" of economics. He was educated at the University of Washington, Northwestern University, and the University of Chicago. He taught at several universities, including Columbia University and the University of Chicago. Stigler's early interest was in the history of economic thought. His Essays in the History of Economics (1964), covering topics from utility theory to Fabian socialism, is a modern classic renowned for its clear, uncluttered style. His other classic work, The Theory of Price (1946), is a microeconomic text dealing with consumer behavior, prices, costs and production, monopoly, cartels, and the distribution of income. Stigler was well known for his interest in government regulation of public utilities and its impact on the consumer. His numerous studies led him to conclude that the regulator often becomes an advocate of, and spokesperson for, the industry, a development that tends to dilute the effectiveness of regulation. Regulation, in the long run, tends to weaken competition to the point where "it is of regulation that the consumer must beware." Stigler was awarded the Nobel Prize for his work on government regulation and the structure of industry.