It was Adam Smith (1723–90) who first established economics as a separate branch of knowledge, and many would say his work has never been surpassed. The Wealth of Nations, which appeared in 1776, is the definitive text for all who believe that economic decisions are best left to markets, not governments. At the heart of Smith’s doctrine is an optimistic view of the effects of self-interest. Though each individual seeks only personal gain, the collective result is increased prosperity, which benefits society as a whole.
Adam Smith: The Wealth of Nations
Introduction and Plan of the Work
BOOK 1: Of the causes of Improvement…
The corn of the rich country…
All the improvements in machinery…
Chapter 2: Of the principal which Gives Occasion…
As it is by treaty…
Chapter 3: That the Division of Labour…
The nations that, according to the best…
Chapter 4: Of the origin and use of money
The use of metals in this rude state…
During the first race…
Chapter 5: Of the Real and Nominal Price…
Gold and silver, however…
Equal quantities of labour…
Chapter 6: Of the Component Part…
As soon as the land of any country…
Whoever derives his revenue…
Chapter 7: Of the Natural and Market Price of Commodities
If, on the contrary…
Secrets in manufactures…
Chapter 8: Of the Wages of Labour
We rarely hear, it has been said…
Though the wealth of a country…
The liberal reward of labour…
Grain, the food of the common people…
BOOK 2: Of the Nature, Accumulation…
Chapter 1: Of the Division of Stock
The first is that portion…
Of these four parts…
Chapter 2: Of Money, considered as a Particular Branch…
The expense of maintaining the fixed capital
Thus, if a guinea be the weekly pension…
Chapter 3: Of the Accumulation of Capital…
That part of the annual produce…
In the opulent countries of Europe…
There was little trade or industry in Edinburgh…
Though the expense of the prodigal…
It can seldom happen…
Chapter 5: Of the Different Employments…
Part of the capital of the master…
BOOK 3: Of the Different Progress…
Without the assistance of some artificers…
Chapter 3: Of the Rise and Progress…
Nor was this all.
In countries such as France…
Sometimes they have been introduced…
Chapter 4: How the Commerce of the Towns Contributed
Introduction and Plan of the Work