The Wealth of Nations by Adam Smith PDF

Would you like to read The Wealth of Nations by Adam Smith PDF? Are you in search of a great classic in economics? An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776. The Wealth of Nations by Adam Smith PDF offers one of the world’s first collected descriptions of what builds a nation’s wealth and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labor, productivity, and free markets.

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The Wealth of Nations by Adam Smith PDF Details

Book Title: The Wealth of Nations
Author: Adam Smith
Published: 1st January 1977 by the University of Chicago Press (first published 1776)
Goodreads Links: An Inquiry into the Nature and Causes of the Wealth of Nations
ISBN: 9780226763743
Formats: [PDF] [Epub]
No. of pages: 661
Size: 4 MB
Genre: Non-Fiction, Economics, Business, History, Philosophy, Politics
Language: English
File Status: Available

Adam Smith The Wealth of Nations Summary

What is the wealth of nations about?

Adam Smith’s masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the principles behind, modern capitalism. Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich’s Introduction both clarifies Smith’s analyses and illuminates his overall relevance to the world in which we live. As Reich writes, “Smith’s mind ranged over issues as fresh and topical today as they were in the late eighteenth century — jobs, wages, politics, government, trade, education, business, and ethics.”

Adam Smith The Wealth of Nations Summary

The Wealth of Nations by Adam Smith Review

Adam Smith’s “An Inquiry Into The Nature And Causes Of The Wealth Of Nations” (often called simply “The Wealth Of Nations”) is one of two great works from the Scottish economist and philosopher, the other being the lesser-known “The Theory of Moral Sentiments”. “The Wealth Of Nations” was published on March 9th, 1776, but there were additional editions in 1778, 1784, 1786, and 1789.

The work contains five books.

The first is “Of the Causes of Improvement in the Productive Powers of Labour”.

In this book he discusses the benefits of the division of labor, the origin and benefits of using money, a section on the “real” price of commodities (i.e. how much toil it takes to produce them), a discussion of the natural and market prices of commodities (the forces of supply and demand), the effect of controlling a commodity can have on the price, the wages of labor (again a case of supply and demand with the commodity of labor), the profits of stock, a discussion of the ill effects of groups who use their influence to manipulate the government (this would include banking conglomerations, trade unions, etc.), and closes with a section on rent.

The second book is “Of the Nature, Accumulation, and Employment of Stock”

which deals with accumulating wealth that lasts a longer period of time. This book starts with how one divides their stock into what they need for personal use, and what they can dispose of in exchange for others’ available stock. He then moves into a discussion of money as a type of stock, and then how to use their excess money/stock to gain interest.

The third book is “Of the Different Progress of Opulence in different Nations”,

where he talks about the balance between the inhabitants of towns and those of the country areas and goes into how agriculture is discouraged over time, while cities and towns prosper.

The fourth book is “Of Systems of Political Economy”

Smith discusses the commercial system, along with importation, which contains a detailed look at the effects of restraints on importation/exportation. Smith also discusses commerce treaties and the role of colonies. This book also has a brief section on the agricultural system, but here he is referring to a specific system where the produce of land is the sole source of the revenue of a nation

The fifth book is “Of the Revenue of the Sovereign or Commonwealth”

In which Smith deals with taxation. This is an important area to read and understand, as it is one that many ignore when using Smith to try to support other areas. There are hints here of the progressive tax, as well as a discussion of the expenses of the nation, an important acknowledgment that the poor spend the greater part of their income on the fundamentals, such as food, and so he suggests luxury taxes as not unreasonable. Smith then closes the final book with a discussion of the costs of war, both for the actual fighting and in terms of the loss of trade.