1776 AnInquiryIntotheNatureandCauses
- (Smith, 1776) ⇒ Adam Smith. (1776). “An Inquiry Into the Nature and Causes of the Wealth of Nations."
Subject Headings: Invisible hand, Division of Labour, Free Market.
Notes
Cited By
2014
- (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/The_Wealth_of_Nations Retrieved:2014-9-28.
- 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. 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 labour, productivity and free markets.
Quotes
(Book 4, Chapter 2)
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... As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. …
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References
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| Author | volume | Date Value | title | type | journal | titleUrl | doi | note | year | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1776 AnInquiryIntotheNatureandCauses | Adam Smith (1723-1790) | An Inquiry Into the Nature and Causes of the Wealth of Nations... |