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 Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth and is today a fundamental work in classical economics. Through reflection over the economics at the beginning of the Industrial Revolution the book touches upon such broad topics as the division of labor, productivity, and free markets.
Adam Smith FRSA FRS FRSE was a Scottish philosopher and economist who was a pioneer in thinking on political economy and a key figure during the Scottish Enlightenment. He wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline.
Authorities recorded his baptism on 16 June 1723 at Kirkcaldy.
Economics, history, and life are not individual subjects.
All my life I have been bombarded with one economist versus another. Each time Adam Smith always showed up. So, after hearing snippets of his book and his ideas over and repeatedly I thought “Ah, I know Adam Smith.”
Well, I might have been a tad premature in thinking that I knew Adam Smith. You will too when you read this book, “An Inquiry into the Nature and Causes of the Wealth of Nations.”
I figured that it was finally time to read Adam Smith for myself instead of taking snippets out of context.
At first, I began to think that I had made a big mistake. If you read the Constitution of the United States you would notice that you are always told the impressive parts as separate statements, and they leave out all the boring details and sometimes important minutia. Well, it looks like they did the same thing poor Adam.
On the surface, as you start reading this book you start to wonder what makes Adam Smith so important, as it seems so primitive. Reading on you realize that he came from an era that was way before the information age. His samples seem primitive and simple. He repeats and repeats and repeats himself. You start to wonder if this is the same Adam Smith that you studied in school.
You will want to hang in there though as soon you will realize that Adam Smith had to start with the fundamentals of history and primitive economics. After pages of history, he will finally get to his time.
Yes, this is a book about ancient times and the examples are not usually relevant to today. However just as you decide that you made a horrible mistake in reading “An Inquiry into the Nature and Causes of the Wealth of Nations,” small jewels of insight into not only economics, and history but life itself reveal themselves in his everyday descriptions and observations.
I had to buy a book on the English poor laws as everybody knew about them. Many other subjects and reference books suddenly appeared on my desk as I realized that with all the depth of Adam Smith, this was just the beginning.
Yes, sometimes Smith can get boring and very redundant. However, whatever you do, do not skip any pages just as soon as you know what is going to say he produces another interesting angle.
He not only covers economics from his version of a practical view but soon covers the history of education and many other subjects besides commerce. He covers the effect of religions on people and people on religions. He covers schools how they got started and their potential for modifying society. He covers the economics of war and other major world-changing phenomena.
Just as you think he is talking about his world and his time. You pick up a newspaper and see the very same type of events and economic arguments.
For me of all things I was able to get a new view of the national debt and it changed my view from unavoidable to an excellent opportunity.
You will find new insights or views on economics that you were already sure you had under your belt.
So, enjoy reading Adam Smith not as a necessity but for the fun of getting new views directly from the author.