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the savage nations of hunters and fishers, every individual who is able to work, is more or less employed in useful labour, and endeavours to provide, as well as he can, the necessaries and conveniences of life, for himself,
The Wealth of Nations, work by the Scottish economist and philosopher Adam Smith, first published in 1776, that became a foundational study in the history of economics and the first formulation of a comprehensive system of political economy.
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 (1723–1790).
The Wealth Of Nations begins with Smith explaining production and exchange, and their contribution to national income. Using the example of a pin factory, Smith shows how specialisation can boost human productivity enormously. By specialising, people can use their talents, or acquire skill.
Often considered the foundational text of modern economics, Adam Smith’s massive 1776 treatise The Wealth of Nations addresses a wide range of interconnected questions about how labor, consumption, trade, and good government can help societies grow wealthier over time.
Quick Facts. Baptized: June 5, 1723, Kirkcaldy, Fife, Scotland. Died: July 17, 1790, Edinburgh. Notable Works: “The Theory of Moral Sentiments” “The Wealth of Nations” Subjects Of Study: division of labour. economic growth. invisible hand. political economy. competition. Role In: Scottish Enlightenment.
Smith's work provided the theoretical cannon shot for the chorus of growing bourgeois to strike back against Feudalist bureacracy and philsophy; giving them a philosophical manifesto behind which to stand, and an idealised government towards which to fight for.