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The Wealth of Nations: the Great Master

This book is a landmark treatise in economic thought, originally published in the late 18th century. It systematically explores how nations generate and accumulate wealth through productive labor, free markets, and trade. The author introduces key concepts such as the invisible hand, specialization, and the role of self-interest in driving economic prosperity. The work critiques mercantilist policies and advocates for limited government intervention, laying the groundwork for modern capitalist theory. As a classic text, it remains influential in discussions of political economy and public policy. more

Author

Adam Smith
Adam Smith

Adam Smith, a renowned philosopher and economist from Britain, was born on June 5, 1723, and died on July 17, 1790. Known as the father of modern economics, his work 'The Wealth of Nations' had a profound impact on the development of economics. more

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“Such regulations may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as or the most despotical. The obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed.”

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Book:An inquiry into the nature and causes of the wealth of nations
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“When the toll upon carriages of luxury, upon coaches, post-chaises, etc. is made somewhat higher in proportion to their weight, than upon carriages of necessary use, such as carts, wagons, etc. the indolence and vanity of the rich is made to contribute in a very easy manner to the relief of the poor, by rendering cheaper the transportation of heavy goods to all the different parts of the country.”

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Book:An inquiry into the nature and causes of the wealth of nations
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“A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures. The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate.”

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Book:Adam Smith: Selected Philosophical Writings
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“Both ground- rents and the ordinary rent of land are a species of revenue which the owner, in many cases, enjoys without any care or attention of his own. The annual produce of the land and labour of the society, the real wealth and revenue of the great body of the people, might be the same after such a tax as before. Ground-rents, and the ordinary rent of land are, therefore, perhaps the species of revenue which can best bear to have a peculiar tax imposed upon them.”

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Book:An Inquiry into the Nature and Causes of the Wealth of Nations, Volume 2
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“The difference between the most dissimilar characters, between a philosopher and a common street porter, for example, seems to arise not so much from nature, as from habit, custom, and education.”

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Book:An Inquiry Into the Nature and Causes of the Wealth of Nations With a Life of the Author: Also a View of the Doctrine of Smith, Compared with that of the French Economists, with a Method of Facilitating the Study of His Works, from the French of M. Jariner
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