The Wealth of Nations
- Publisher : Rupa Publications
- Publishing year : November 2021
- Binding : Paperback
- ISBN : 9789355200723
- Imprint : Rupa
- Age Group : Young Adult
- Language : English
Even after two centuries since its first publication in 1776, The Wealth of Nations remains as influential as it was dee ...
Even after two centuries since its first publication in 1776, The Wealth of Nations remains as influential as it was deemed before. Smith has elaborated on his thesis that it is human’s natural inclination towards self-interest that leads to prosperity; they add to public interest through their everyday choices. This book gives an insight into extensive assessment of the creation of a nation’s wealth; it examines the division of labour, the origin and use of money, the division of stock, the rise and progress of cities and towns after the fall of the Roman Empire, the systems of political economy and the taxes on various private revenues.
Adam Smith was born on the 5th June 1723 in the town of Kirkaldy, Scotland. He received the rudiments of education at the grammar-school of Kirkaldy and later studied social philosophy at the University of Glasgow and at Balliol College, Oxford. From a young age he had a passion for books and extraordinary powers of memory. In 1748, he took up his residence in the capital of Scotland, when he first entered into public life, by delivering lectures, under the patronage of Lord Kames, on rhetoric and the belles letters, which he continued for two years. In 1751, he was chosen professor of logic in the University of Glasgow.
A pioneer of political economy, he published his magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, in 1776. A fundamental work in classical economics, the book offers one of the world's first collected descriptions of what builds nations' wealth. The book also touches upon broad topics such as the division of labour, productivity and free markets, while reflecting upon the economics at the beginning of the Industrial Revolution.
