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The Wealth of Nations by Adam Smith- Easton Press
The Wealth of Nations by Adam Smith- Easton Press
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Beautiful book to add to your book decor collection. See pics for details of books condition.
"The Wealth of Nations" is a seminal work in the field of economics, written by the Scottish economist and philosopher Adam Smith. The full title of the book is "An Inquiry into the Nature and Causes of the Wealth of Nations," and it was first published in 1776. The work is considered one of the foundational texts of classical economics.
Key concepts and ideas from "The Wealth of Nations" include:
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Invisible Hand: Adam Smith introduces the concept of the "invisible hand," which suggests that individuals, by pursuing their own self-interest, unintentionally contribute to the overall economic well-being of society. The market, operating through supply and demand, is guided by this invisible hand.
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Division of Labor: Smith emphasizes the importance of the division of labor in increasing productivity. He illustrates how specialization and the division of tasks can lead to greater efficiency and economic growth.
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Free Market: Smith argues in favor of a free-market economy with minimal government intervention. He contends that when individuals are left to pursue their own economic interests in a competitive environment, it leads to the best outcomes for society.
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Theory of Value: Smith discusses the labor theory of value, suggesting that the value of a good is determined by the amount of labor required to produce it. This idea influenced classical economics, although later economists introduced alternative theories of value.
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Role of Government: While advocating for a limited role of government, Smith acknowledges certain functions that governments should perform, such as defense, justice, and public infrastructure.
"The Wealth of Nations" is a comprehensive exploration of economic principles and is considered a cornerstone of classical economic thought. It remains an influential work and has significantly shaped the development of economic theory and policy over the centuries.
