The Wealth of Nations, Adam Smith
The Wealth of Nations, Adam Smith
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The Wealth of Nations

Author: Adam Smith

Narrator: Unknown

Unabridged: 6 hr 11 min

Format: Digital Audiobook Download

Published: Not Available


Synopsis

Adam Smith's The Wealth of Nations gives an in-depth discussion of different economic principles like the productivity, division of labor and free markets. Although written and published more than 200 years ago, it's still hailed as one of the most original works in the field of economics and is still used as a reference by many modern economists.

An Inquiry Into the Nature and Causes of the Wealth of Nations is the complete title of this book and it was first published in 1776, the same year that the American colonies declared their independence from Britain. It's interesting to note that Adam Smith once suggested to British authorities before this year that they should let the colonies be represented in the British parliament because of the contributions they give to the British Empire. But as we all know, they didn't follow his suggestion and the Americans in defiance of British rule declared their independence. Experts at the time argued that if the British only followed Smith's suggestion, the American Revolution wouldn't have happened.

About Adam Smith

Adam Smith (1723-1790) was a Scottish philosopher who is best known for his book The Wealth of Nations, which had a profound influence on modern economics and concepts of individual freedom. He was a professor of logic at Glasgow University, as well as the chair of moral philosophy. His lectures covered the field of ethics, rhetoric, jurisprudence, and political economy. In 1759, he published his Theory of Moral Sentiments, which embodies some of his Glasgow lectures. In 1776, he published The Wealth of Nations, which covered such concepts as the role of self-interest, the division of labor, the function of markets, and the international implications of a laissez-faire economy. Smith is most often recognized for the expression "the invisible hand," which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product.


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