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Nature and Causes of the Wealth of Nations

Adam Smith

Book Overview: 

An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of economist Adam Smith. It is a clearly written account of political economy and is widely considered to be the first modern work in the field of economics.

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Book Excerpt: 
. . .Labour, it must be remembered, is the ultimate price which is paid for every thing; and in countries where labour is equally well rewarded, the money price of labour will be in proportion to that of the subsistence of the labourer. But gold and silver will naturally exchange for a greater quantity of subsistence in a rich than in a poor country; in a country which abounds with subsistence, than in one which is but indifferently supplied with it. If the two countries are at a great distance, the difference may be very great; because, though the metals naturally fly from the worse to the better market, yet it may be difficult to transport them in such quantities as to bring their price nearly to a level in both. If the countries are near, the difference will be smaller, and may sometimes be scarce perceptible; because in this case the transportation will be easy. China is a much richer country than any part of Europe, and the difference between the price of subsistence in China and i. . . Read More

Community Reviews

2013 One of the best and most important books ever written. Period.

Smith made a few mistakes, but he was a pioneer and what he did for the world with this book and his other book, Theory of Moral Sentiments, are incomparable gifts to mankind.

His opening analysis of "division of labor" as being the c

Oh this book was such a tiresome read that I finished 4 other books before completing this one.

Started to take toll on me with so much unnecessary explanations which made no sense. Sometimes cringe worthy!

Adam Smith was one of the few individuals who wanted the economic cycle to run itself. Hence

One of the hardest books I have ever read - I feel overwhelmed as far as the concepts - so I will just make a general comment: If you want to understand the foundational concepts of economic policy and have the perspective of a true genius then this book is for you. It is SCARY how many situations A

An erudite who not only changed the shape of economics thinking but also laid the foundation of capitalism and industrialization. The book by him can be regarded as The Bible of economics.

A prideful and ambitious boy, hearing that President Kennedy had been a speed reader, I cut lawns and shovelled walks to pay for an Evelyn Wood Reading Dynamics program. We met in the spare basement of the hideous modern structure that passed for Park Ridge's "Inn"--a residence primarily for attenda

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