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Author:  Adam/ Krueger Smith Introduction:  Alan B. Krueger
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Product Summary

Format: Paperback
ISBN-10: 0553585975
ISBN-13: 9780553585971
Buy.com Sku: 31089478
Publish Date: 4/10/2007
Dimensions:  (in Inches) 6.75H x 4.25L x 2.25T
Pages:  1264
Age Range:  NA
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First published in 1776, Smith's "primer" provided the first description of the workings of a market economy. This unabridged edition offers the modern reader a fresh look at a timeless work that revolutionized the way the creation and dispersion of wealth are viewed.
From the Publisher:
The Wealth of Nations
by Adam Smith

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.
Author Bio
Adam Smith
Adam Smith was an only child whose father died shortly before his birth in 1723. Other than a brief kidnapping and immediate rescue at age 3, his childhood was uneventful. Choosing to focus on scholarship rather than traditional courting conventions, he attended the University of Glasgow at age 14, and continued to keep in close contact with his mother--a relationship he maintained throughout his life. He then accepted a fellowship at Balliol College in Oxford, where he made a reputation for himself with unconventional scholarship, a phenomenal memory, and unusual behavior that included publicly talking and laughing to himself. He felt the environment at that time discouraged rigorous scholarship and that his work was largely ignored. After failing to receive a tenured position, he left Oxford. Rejecting early plans to join the clergy of the Church of England, Smith instead returned to the University of Glasgow as a professor of logic in 1751 and subsequently rose to the Chair of Moral Philosophy post in 1752. There he lectured on philosophy, ethics, and jurisprudence--topics that formed the basis for his first book, the THEORY OF MORAL SENTIMENTS (1759). Earning international respect with this work, he toured France as a Scottish nobleman's tutor from 1764 to 1766, and met influential Enlightenment-era French philosophers and economists, such as Anne Robert Jacques Turgot and Francois Quesnay. Their visions of a free-enterprise system influenced Smith greatly, but he disliked their agrarian focus. Merging his philosophical training with economic theory in his INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS, Smith established himself as the father of the classical school of economics. He believed that an "invisible hand" leads both consumers and producers to protect their own self-interest and that an unregulated market protects the interests of both. Shortly before his death in 1790, Smith requested that his close friends destroy most of his unpublished work. Although criticized for not correctly estimating the impact of the Industrial Revolution or the inevitability of the Revolutionary War, Smith continues to influence economic theory, most notably the neoclassical school of economics.
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"Adam Smith's enormous authority resides, in the end, in the same property that we discover in Marx: not in any ideology, but in an effort to see to the bottom of things. In both cases, their greatness rests on an unflinching confrontation with the human condition as they could best make it out." - Robert L. Heilbroner

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Chapter One

CHAPTER I

OF THE DIVISION OF LABOUR

The greatest improvement in the productive powers of labour, and the greater part of the skill, dexterity, and judgment with which it is any where directed, or applied, seem to have been the effects of the division of labour.

The effects of the division of labour, in the general business of society, will be more easily understood, by considering in what manner it operates in some particular manufactures. It is commonly supposed to be carried furthest in some very trifling ones; not perhaps that it really is carried further in them than in others of more importance: but in those trifling manufactures which are destined to supply the small wants of but a small number of people, the whole number of workmen must necessarily be small; and those employed in every different branch of the work can often be collected into the same workhouse, and placed at once under the view of the spectator. In those great

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