Adam Smith

Adam Smith was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is best known for two classic works: The Theory of Moral Sentiments, and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and is still among the most influential thinkers in the field of economics today.
Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot, John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments.
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An easier-to read, moderately abridged, current language version of the 1776 classic.

Adam Smith's The Wealth of Nations is the great pioneering study of economic growth and performance. When first published in 1776, the factory-based Industrial Revolution was only just getting underway. However, there had been steadily rising production and incomes in Britain, the North American colonies, Holland and other countries since at least the late 17th century.

Smith uses basic theory, observation and documentary sources to analyze the nature and causes of economic advancement in general.

The book is lengthy and wide-ranging. It examines the contributions to production of labour, land and capital. It explains the economic importance of large buoyant markets and industrial specialization. It also shows that national wealth does not depend on economic factors alone. For example, the favourableness or otherwise of the political-legal environment for industry and commerce is everywhere a major influence on national prosperity.

This is a moderately abridged current language version of the book – essentially translating the work into modern English to improve its readability and understandability. The translation is substantive but retains literalness and original word order and grammar as far as possible.

CONTENTS:

Editorial Foreword

Author’s Introduction

BOOK 1: INDUSTRIAL PRODUCTION, DISTRIBUTION AND INCOMES

Chapter 1: Industrial Specialization

Chapter 2: The Origins Of Industrial Specialization

Chapter 3: The Extent Of The Market Limits Specialization

Chapter 4: The Origins And Use Of Money

Chapter 5: The Real Economic And Nominal Monetary Prices Of Goods

Chapter 6: Supply Prices, Production Costs And Incomes

Chapter 7: The Natural And Market Prices Of Products

Chapter 8: The Wages Of Labour

Chapter 9: The Profits Of Capital

Chapter 10: Wages And Profits In Different Trades

Chapter 11: The Rent Of Land

BOOK 2: CAPITAL – ITS NATURE, ACCUMULATION AND USES

Chapter 1: Different Types Of Capital

Chapter 2: Monetary Capital

Chapter 3: The Accumulation Of Capital

Chapter 4: Capital Lent At Interest

Chapter 5: The Different Uses Of Capital

BOOK 3: NATIONAL ECONOMIC GROWTH AND PERFORMANCE DIFFERENCES

Chapter 1: The Natural Process Of Economic Growth

Chapter 2: The Discouragement Of Agriculture In Europe After The Fall Of The Roman Empire

Chapter 3: Urban Growth And Manufacturing After The Fall Of The Roman Empire

Chapter 4: The Contribution Of Urban Industry And Commerce To Rural Economies

BOOK 4: POLITICAL-ECONOMIC THEORIES AND POLICIES

Chapter 1: The Mercantilist Political Economic Model

Chapter 2: Restrictions On Importing Goods Capable Of Domestic Production

Chapter 3: Restrictions On Imports To Correct So-called Disadvantageous Trade Balances

Chapter 4: Tax Refunds On Exports

Chapter 5: Export Subsidies

Chapter 6: Treaties Of Commerce

Chapter 7: Colonies

Chapter 8: The Mercantilist System – Conclusions

Chapter 9: The Agricultural Political Economic Model – The Notion Of Land As The Great Source Of National Wealth

BOOK 5: GOVERNMENT FINANCES – PUBLIC EXPENDITURE, TAXATION AND BORROWING

Chapter 1: Government Expenditure

Chapter 2: The Sources Of General Public Revenues

Chapter 3: Public Debts


This carefully crafted ebook: “The Invisible Hand of the Market: The Theory of Moral Sentiments + The Wealth of Nations (2 Pioneering Studies of Capitalism)” is formatted for your eReader with a functional and detailed table of contents. The invisible hand of the market is a metaphor conceived by Adam Smith to describe the self-regulating behavior of the marketplace. The exact phrase is used just three times in Smith's writings, but has come to capture his important claim that individuals' efforts to maximize their own gains in a free market benefits society, even if the ambitious have no benevolent intentions. Smith came up with the two meanings of the phrase from Richard Cantillon who developed both economic applications in his model of the isolated estate. He first introduced the concept in The Theory of Moral Sentiments, written in 1759. In this work, however, the idea of the market is not discussed, and the word "capitalism" is never used. By the time he wrote The Wealth of Nations in 1776, Smith had studied the economic models of the French Physiocrats for many years, and in this work the invisible hand is more directly linked to the concept of the market: specifically that it is competition between buyers and sellers that channels the profit motive of individuals on both sides of the transaction such that improved products are produced and at lower costs. This process whereby competition channels ambition toward socially desirable ends comes out most clearly in The Wealth of Nations, Book I, Chapter 7. The idea of markets automatically channeling self-interest toward socially desirable ends is a central justification for the laissez-faire economic philosophy, which lies behind neoclassical economics. In this sense, the central disagreement between economic ideologies can be viewed as a disagreement about how powerful the "invisible hand" is.
The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.

According, therefore, as this produce, or what is purchased with it, bears a greater or smaller proportion to the number of those who are to consume it, the nation will be better or worse supplied with all the necessaries and conveniencies for which it has occasion.

But this proportion must in every nation be regulated by two different circumstances: first, by the skill, dexterity, and judgment with which its labour is generally applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed. Whatever be the soil, climate, or extent of territory of any particular nation, the abundance or scantiness of its annual supply must, in that particular situation, depend upon those two circumstances.

The abundance or scantiness of this supply, too, seems to depend more upon the former of those two circumstances than upon the latter. Among 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 conveniencies of life, for himself, and such of his family or tribe as are either too old, or too young, or too infirm, to go a-hunting and fishing. Such nations, however, are so miserably poor, that, from mere want, they are frequently reduced, or at least think themselves reduced, to the necessity sometimes of directly destroying, and sometimes of abandoning their infants, their old people, and those afflicted with lingering diseases, to perish with hunger, or to be devoured by wild beasts. Among civilized and thriving nations, on the contrary, though a great number of people do not labour at all, many of whom consume the produce of ten times, frequently of a hundred times, more labour than the greater part of those who work; yet the produce of the whole labour of the society is so great, that all are often abundantly supplied; and a workman, even of the lowest and poorest order, if he is frugal and industrious, may enjoy a greater share of the necessaries and conveniencies of life than it is possible for any savage to acquire.

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