The Wealth of Nations

Book Title The Wealth of Nations
Author Name Adam Smith  (Author), Alan B. Krueger (Introduction)
Publishing house Bantam Classics
Country – city Germany
Date of issue  March 4, 2003
Number of pages 1264

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The Wealth of  Nations

The Wealth of Nations has been translated by Institute of Strategic Studies

It is symbolic that Adam Smith’s masterpiece of economic analysis, The Wealth of Nations, was first published in 1776, the same year as the Declaration of Independence.

In his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services.

He argued passionately in favor of free trade, yet stood up for the little guy.

The Wealth of Nations provided the first–and still the most eloquent–integrated description of the workings of a market economy.

The result of Smith’s efforts is a witty, highly readable work of genius filled with prescient theories that form the basis of a thriving capitalist system.

This unabridged edition offers the modern reader a fresh look at a timeless and seminal work that revolutionized the way governments and individuals view the creation and dispersion of wealth–and that continues to influence our economy right up to the present day.

An important theme that persists throughout the work is the idea that the economic system is automatic, and, when left with substantial freedom, able to regulate itself.

This is often referred to as the “invisible hand.” The ability to self-regulate and to ensure maximum efficiency, however, is limited by externalities, monopolies, tax preferences, lobbying groups, and other “privileges” extended to certain members of the economy at the expense of others.

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