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Wealth of Nations
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72 b
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Adam Smith revolutionized economic theory with his 1776 work An Inquiry to the Nature and Causes of the Wealth of Nations. He proposed rules governing labor, supply, and demand; and describes division of labor, stockpiling of wealth, lending, and interest. Smith also discusses how economies lead to opulence. Wealth of Nations also offers a defense for free-market capitalism. This edition of Wealth of Nations is an abridged version edited by Harvard economics professor CHARLES JESSE BULLOCK (1869-1941) and published in 1901 by Harvard Classics, a series that offered the essential readings for anyone who wanted the functional equivalent of a liberal arts education. Any student of economics should be familiar with the concepts and laws that Smith developed, as much of economic theory is still based upon his work. Scottish economist and philosopher ADAM SMITH (1723-1790) helped set standards in the fields of political economics and moral philosophy, playing a key role in the early development of the scholarship of economics. His other writings include Essays on Philosophical Subjects.
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