See also: Freedom Emporion

An Inquiry into the Nature and Causes of the Wealth of Nations, usually known as The Wealth of Nations, is the most influential work of Adam Smith. Published in 1776, it can be considered the first major treatise on economics.
Table of Contents
VOLUME I | ||
Preface | v | |
Editor's Introduction | xiii | |
Introduction and Plan of the Work | 1 | |
BOOK I | Of the Causes of Improvement in the productive Powers of Labour, and of the Order according to which its Produce is naturally distributed among the different Ranks of the People | 5 |
CHAP. I | Of the Division of Labour | ibid. |
CHAP. II | Of the Principle which gives Occasion to the Division of Labour | 15 |
CHAP. III | That the Division of Labour is Limited by the Extent of the Market | 19 |
CHAP. IV | Of the Origin and Use of Money | 24 |
CHAP. V | Of the real and nominal Price of Commodities, or of their Price in Labour, and their Price in Money | 32 |
CHAP. VI | Of the component Parts of the Price of Commodities | 49 |
CHAP. VII | Of the natural and market Price of Commodities | 57 |
CHAP. VIII | Of the Wages of Labour | 66 |
CHAP. IX | Of the Profits of Stock | 89 |
CHAP. X | Of Wages and Profit in the different Employments of Labour and Stock | 101 |
Part I. Inequalities arising from the Nature of the Employments themselves | 102 | |
Part II. Inequalities occasioned by the Policy of Europe | 120 | |
CHAP. XI | Of the Rent of Land | 145 |
Part I. Of the Produce of Land which always affords Rent | 147 | |
Part II. Of the Produce of Land which sometimes does, and sometimes does not, afford Rent | 162 | |
Part III. Of the Variations in the Proportion between the respective Values of that Sort of Produce which always affords Rent, and of that which sometimes does and sometimes does not afford Rent | 175 | |
Digression concerning the Variations in the Value of Silver during the Course of the Four last Centuries | ||
First Period | 177 | |
Second Period | 191 | |
Third Period | 192 | |
Variations in the Proportion between the respective Values of Gold and Silver | 210 | |
Grounds of the Suspicion that the Value of Silver still continues to decrease | 216 | |
Different Effects of the Progress of Improvement upon the real Price of three different Sorts of rude Produce | ibid. | |
First Sort | 217 | |
Second Sort | 219 | |
Third Sort | 228 | |
Conclusion of the Digression concerning the Variations in the Value of Silver | 237 | |
Effects of the Progress of Improvement upon the real Price of Manufactures | 242 | |
Conclusion of the Chapter | 247 | |
BOOK II | Of the Nature, Accumulation, and Employment of Stock | |
Introduction | 258 | |
CHAP. I | Of the Division of Stock | 261 |
CHAP. II | Of Money considered as a particular Branch of the general Stock of the Society, or of the Expense of maintaining the National Capital | 269 |
CHAP. III | Of the Accumulation of Capital, or of productive and unproductive Labour | 313 |
CHAP. IV | Of Stock lent at Interest | 332 |
CHAP. V | Of the different Employment of Capitals | 340 |
BOOK III | Of the different Progress of Opulence in different Nations | |
CHAP. I | Of the Natural Progress of Opulence | 355 |
CHAP. II | Of the Discouragement of Agriculture in the ancient State of Europe after the Fall of the Roman Empire | 360 |
CHAP. III | Of the Rise and Progress of Cities and Towns, after the Fall of the Roman Empire | 371 |
CHAP. IV | How the Commerce of the Towns contributed to the Improvement of the Country | 382 |
BOOK IV | Of Systems of political Œconomy | |
Introduction | 395 | |
CHAP. I | Of the Principle of the commercial, or mercantile System | 396 |
CHAP. II | Of Restraints upon the importation from foreign Countries of such Goods as can be produced at Home | 418 |
CHAP. III | Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be disadvantageous | 437 |
Part I. Of the Unreasonableness of those Restraints even upon the Principles of the Commercial System | ibid. | |
Digression concerning Banks of Deposit, particularly concerning that of Amsterdam | 443 | |
Part II. Of the Unreasonableness of those extraordinary Restraints upon other Principles | 452 | |
VOLUME II | ||
BOOK IV | _ | |
CHAP. IV | Of Drawbacks | 2 |
CHAP. V | Of Bounties | 7 |
Digression concerning the Corn Trade and Corn Laws | 25 | |
CHAP. VI | Of Treaties of Commerce | 46 |
CHAP. VII | Of Colonies | 58 |
Part I. Of the Motives for establishing new Colonies | ibid. | |
Part II. Causes of the Prosperity of New Colonies | 66 | |
Part III. Of the Advantages which Europe has derived from the Discovery of America, and from that of a Passage to the East Indies by the Cape of Good Hope | 91 | |
CHAP. VIII | Conclusion of the Mercantile System | 141 |
CHAP. IX | Of the Agricultural Systems, or of those Systems of Political Œconomy, which Represent the Produce of Land, as either the sole or the principal Source of the Revenue and Wealth of every Country | 161 |
BOOK V | Of the Revenue of the Sovereign or Commonwealth | |
CHAP. I | Of the Expences of the Sovereign or Commonwealth | 186 |
Part I. Of the Expence of Defence | ibid. | |
Part II. Of the Expence of Justice | 202 | |
Part III. Of the Expence of Public Works and Public Institutions | 214 | |
Article 1st. Of the Public Works and Institutions for facilitating the Commerce of Society | ||
1st, For facilitating the general Commerce of the Society | 215 | |
2dly, For facilitating particular Branches of Commerce | 223 | |
Article 2d. Of the Expence of the Institutions for the Education of Youth | 249 | |
Article 3d. Of the Expence of the Institutions for the Instruction of People of all Ages | 273 | |
Part IV. Of the Expence of supporting the Dignity of the Sovereign | 299 | |
Conclusion of the Chapter | 300 | |
CHAP. II | Of the Sources of the general or public Revenue of the Society | 302 |
Part I. Of the Funds or Sources of Revenue which may peculiarly belong to the Sovereign or Commonwealth | ibid. | |
Part II. Of Taxes | 310 | |
Article 1st. Taxes upon Rent: Taxes upon the Rent of Land | 312 | |
Taxes which are proportioned, not to the Rent, but to the Produce of Land | 321 | |
Taxes upon the Rent of Houses | 324 | |
Article 2d. Taxes upon Profit, or upon the Revenue arising from Stock | 331 | |
Taxes upon the Profit of particular Employments | 336 | |
Appendix to Articles 1st and 2d. Taxes upon the Capital Value of Lands, Houses, and Stock | 342 | |
Article 3d. Taxes upon the Wages of Labour | 348 | |
Article 4th. Taxes which, it is intended, should fall indifferently upon every different Species of Revenue | 351 | |
Capitation Taxes | ibid. | |
Taxes upon consumable Commodities | 354 | |
CHAP. III | Of public Debts | 392 |
Appendix on the Herring Bounty | 435 | |
Index I. Subjects | 439 | |
Index II. Authorities | 501 |
Events of Interest
Articles
Adam Smith Needs a Paper Clip: The pin factory, re-examined, by Virginia Postrel, Reason, May 2017
A short history of pins as fasteners from Adam Smith in the late 18th century to the invention of the paper clip at the turn of the 19th century
A short history of pins as fasteners from Adam Smith in the late 18th century to the invention of the paper clip at the turn of the 19th century
Adam Smith famously used a pin factory to illustrate the advantages of specialization ... : "One man draws out the wire, another straights it, a third cuts it, a fourth points it ... and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which, in some manufactories, are all performed by distinct hands ..." ... [T]he division of labor leads to miraculous productivity gains. Even a small and ill-equipped manufacturer, Smith wrote in The Wealth of Nations, could boost each worker's output from a handful of pins a day to nearly 5,000.
Related Topics: Adam Smith, Trade
Classical Liberalism in Argentina: A Lesson for the World, by Jacob G. Hornberger, Freedom Daily, Jul 1994
Highlights Argentine history from the 1810 revolution to the late 20th century, arguing that the period from 1852 to 1930 demonstrated the validity of Adam Smith's writings, also discussing 1958 visits by Leonard Read and Ludwig von Mises
Highlights Argentine history from the 1810 revolution to the late 20th century, arguing that the period from 1852 to 1930 demonstrated the validity of Adam Smith's writings, also discussing 1958 visits by Leonard Read and Ludwig von Mises
In his great treatise—An Inquiry into the Nature and Causes of the Wealth of Nations—Smith asked, what have been the traditional means of combating poverty throughout history? The answer, of course, was government. People had always believed that governmental policies were necessary to ensure that people did not starve to death or suffer lives of impoverishment. Yet, despite the best efforts of governmental officials throughout the ages—such as with the English Poor Laws, the Corn Laws, price controls, and antispeculation laws—people had continued to suffer deep privation.
Related Topics: Argentina, Atlas Network, Founding Fathers, Ludwig von Mises, Leonard Read, Adam Smith
The Early History of FEE, by Henry Hazlitt, The Freeman, Mar 1984
Excerpted from Hazlitt's remarks at the Leonard E. Read Memorial Conference on Freedom, November 1983; reprinted in the May 2006 issue, including photos of early FEE senior staff
Excerpted from Hazlitt's remarks at the Leonard E. Read Memorial Conference on Freedom, November 1983; reprinted in the May 2006 issue, including photos of early FEE senior staff
[Read]'s first move was to publish an outline of the aims of the Foundation ... I condense them here: ... (6) books: the abridgment, publication, and distribution of classical works such as, for instance, The Wealth of Nations and The Federalist Papers ...
On the surface ... this seems dreadfully disheartening. But it must be acknowledged that the American ideological situation is much better than if FEE had never come into being ... Even Adam Smith's Wealth of Nations, let us remember, did not begin to change actual legislation until many years after its original appearance.
On the surface ... this seems dreadfully disheartening. But it must be acknowledged that the American ideological situation is much better than if FEE had never come into being ... Even Adam Smith's Wealth of Nations, let us remember, did not begin to change actual legislation until many years after its original appearance.
The Invisible Gnomes and the Invisible Hand: South Park and Libertarian Philosophy, by Paul Cantor, 4 Dec 2006
General discussion of South Park with more detailed review and discussion of the season 2 "Gnomes" episode
General discussion of South Park with more detailed review and discussion of the season 2 "Gnomes" episode
The "invisible hand" passage of Smith's Wealth of Nations reads like a gloss on the "Gnomes" episode ...:
... [E]very individual ... neither intends to promote the publick interest, nor knows how much he is promoting it ... [B]y directing [domestick] industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this ... led by an invisible hand to promote an end which was no part of his intention ... By pursuing his own interest he frequently promotes that of the society more effectively than when he really intends to promote it ...
Related Topics: Capitalism, F. A. Hayek, Humor, Libertarianism, Ludwig von Mises, Philosophy, South Park
Libertarianism: The Moral and the Practical, by Sheldon Richman, Future of Freedom, May 2014
Explores whether libertarian policies should distinguish between moral and practical concerns; revised version of "The Goal Is Freedom" column of 27 Dec 2013
Explores whether libertarian policies should distinguish between moral and practical concerns; revised version of "The Goal Is Freedom" column of 27 Dec 2013
Look at this passage from The Wealth of Nations:
... In the ancient philosophy, the perfection of virtue was represented as necessarily productive, to the person who possessed it, of the most perfect happiness in this life. In the modern philosophy, it was frequently represented as generally, or rather as almost always, inconsistent with any degree of happiness in this life; and heaven was to be earned only by penance and mortification, by the austerities and abasement of a monk, not by the liberal, generous, and spirited conduct of a man ...
Related Topics: Aristotle, Ethics, Henry Hazlitt, Libertarianism, Roderick T. Long, Tibor Machan, Adam Smith
The Market Is a Beautiful Thing, by Sheldon Richman, Future of Freedom, Jul 2013
Explores whether most people's aversion to the market is aesthetic and explains the beauty in the dynamics of the (freed) market, with quotes from Bastiat and Adam Smith
Explores whether most people's aversion to the market is aesthetic and explains the beauty in the dynamics of the (freed) market, with quotes from Bastiat and Adam Smith
Indulge me as I quote from The Wealth of Nations (book 1, chapter 7):
The market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity, or the whole value of the rent, labour, and profit, which must be paid in order to bring it thither ... The quantity brought thither will soon be sufficient to supply the effectual demand. All the different parts of its price will soon sink to their natural rate, and the whole price to its natural price.
The Moral Case for Freedom Is the Practical Case for Freedom, by Sheldon Richman, The Goal Is Freedom, 27 Dec 2013
Considers whether it is reasonable to draw distinctions between moral and practical arguments for freedom
Considers whether it is reasonable to draw distinctions between moral and practical arguments for freedom
Look at this passage from The Wealth of Nations:
The happiness and perfection of a man, considered not only as an individual, but as the member of a family, of a state, and of ... mankind, was the object which the ancient moral philosophy proposed to investigate. In that philosophy the duties of human life were treated of as subservient to the happiness and perfection of human life. But when moral, as well as natural philosophy, came to be taught only as subservient to theology, the duties of human life were treated of as chiefly subservient to the happiness of a life to come ...
National Servitude, by Sheldon Richman, The Goal Is Freedom, 21 Jun 2013
Discusses calls for "national service", contrasts them to insights from Frédéric Bastiat and Adam Smith, and counters possible objections
Discusses calls for "national service", contrasts them to insights from Frédéric Bastiat and Adam Smith, and counters possible objections
In the first chapter of The Wealth of Nations, [Adam Smith] wrote,
In civilized society [the individual] stands at all times in need of the co-operation and assistance of great multitudes, while his whole life is scarce sufficient to gain the friendship of a few persons ... It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.
Books
The Wealth of Nations, by Adam Smith, Mar 1776
Full title: An Inquiry into the Nature and Causes of the Wealth of Nations
Partial contents: Of the Causes of Improvement in the productive... - Of the Nature, Accumulation, and Employment of Stock - Of the different Progress of Opulence in different Nations - Of Systems of political Œconomy - Of the Revenue of the Sovereign...
Full title: An Inquiry into the Nature and Causes of the Wealth of Nations
Partial contents: Of the Causes of Improvement in the productive... - Of the Nature, Accumulation, and Employment of Stock - Of the different Progress of Opulence in different Nations - Of Systems of political Œconomy - Of the Revenue of the Sovereign...
Related Topic: Economics
- ISBN 0679424733: Hardcover, Modern Library, 1994
- ISBN 0895263351: Hardcover, Regnery Publishing, 1999
- ISBN 0192835467: Paperback, Oxford University Press, 1998
- ISBN 0226763749: Paperback, University Of Chicago Press, 1977
- ISBN 0679783369: Paperback, Modern Library, 2000
- ISBN 0865970084: Paperback, Liberty Fund, 2 volumes, 1982
- ISBN 0879757051: Paperback, Prometheus Books, 1991