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ADAM SMITH An Inquiry into the Nature and Causes of the Wealth of Nations. Dublin, Whitestone Chamberlaine 1776 3 volumes, octavo, contemporary calf, a little worn, red morocco labels lettered gilt, spines with five raised bands, volumes numbered in gilt, skilful repair to the heads and tails of spines of some volumes and upper hinge of vol.III, p.(8) + 391pp; (8) + 524pp + (3) adverts; (4) + 412pp, contemporary ownership in ink of J.Gullaud and Monktonhall on the front endpapers of all volumes and of R.Henderson on the first titl Goldsmith 11393. Vanderblue, p.20. Not in Kress. FIRST IRISH EDITION PUBLISHED IN THE SAME YEAR AS THE FIRST EDITION. This copy has three pages of publishers advertisements entitled New Books bound at the end of volume II. The history of economic theory up to the end of the nineteenth century consists of two parts: the mercantilist phase which was based not so much on a doctrine as on a system of practice which grew out of social conditions; and the second phase which saw the development of the theory that the individual had the right to be unimpeded in the exercise of economic activity. While it cannot be said that Smith invented the latter theory – the physiocrats had already suggested it and Turgot in particular had constructed an organised study of social wealth – his work is the first major expression of it. He begins with the thought that labour is the source from which a nation derives what is necessary to it. The improvement of the division of labour is the measure of productivity and in it lies the human propensity to barter and exchange: “labour is the real measure of the exchangeable value of all commodities … it is their real price; money is their nominal price only”. Labour represents the three essential elements – wages, profit, and rent – and these three also constitute income. From the working of the economy, Smith passes to its matter – “stock” – which compasses all that man owns either for his own consumption or for the return which it brings him. The Wealth of Nations ends with a history of economic development, a definite onslaught on the mercantile system, and some prophetic speculations on the limits of economic control. ‘Where the political aspects of human rights had taken two centuries to explore, Smith’s achievement was to bring the study of economic aspects to the same point in a single work … The certainty of its criticism and its grasp of human nature have made it the first and greatest classic of modern economic thought’ (PMM). £7,500 |
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