The Wealth of Nations by Adam Smith (the best motivational books .TXT) π
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The Wealth of Nations is economist Adam Smithβs magnum opus and the foundational text of what today we call classical economics. Its publication ushered in a new era of thinking and discussion about how economies function, a sea change away from the older, increasingly-irrelevant mercantilist and physiocratic views of economics towards a new practical application of economics for the birth of the industrial era. Its scope is vast, touching on concepts like free markets, supply and demand, division of labor, war, and public debt. Its fundamental message is that the wealth of a nation is measured not by the gold in the monarchβs treasury, but by its national income, which in turn is produced by labor, land, and capital.
Some ten years in the writing, The Wealth of Nations is the product of almost two decades of notes, study, and discussion. It was released to glowing praise, selling out its first print run in just six months and going through five subsequent editions and countless reprintings in Smithβs lifetime. It began inspiring legislators almost immediately and continued to do so well into the 1800s, and influenced thinkers ranging from Alexander Hamilton to Karl Marx.
Today, it is the second-most-cited book in the social sciences that was published before 1950, and its legacy as a foundational text places it in the stratosphere of civilization-changing books like Principia Mathematica and The Origin of Species.
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- Author: Adam Smith
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Above, p. 1, the wealth of a nation was treated as synonymous with its annual produce, and there has been hitherto no suggestion that its stock must be considered. β©
Apparently this is a slip for βoccasions high wages.β At any rate the next sentences require this assertion and not that actually made. β©
The method of calculating wealth by the amount of annual produce per head adopted above, in the Introduction and Plan of the Work, is departed from here and below, here, and frequently in later passages, in favour of the calculation by amount of capital wealth. β©
This was written in 1773, before the commencement of the late disturbances. ββ Smith
Ed. 1 does not contain this note; Eds. 2 and 3 read βpresent disturbances.β ββ Cannan β©
Petty, Political Arithmetic, 1699, p. 18, made the period for England 360 years. Gregory King, quoted by Davenant, Works, ed. Whitworth, 1771, vol. ii, p. 176, makes it 435 years in the past and probably 600 in the future. In 1703 the population of Virginia was 60,000, in 1755 it was 300,000, and in 1765 it was 500,000, βby which they appear to have doubled their numbers every twenty years as nigh as may be.β ββ The Present State of Great Britain and North America with Regard to Agriculture, Population, Trade and Manufactures, 1767, p. 22, note. βThe original number of persons who in 1643 had settled in New England was 21,200. Ever since, it is reckoned that more have left them than have gone to them. In the year 1760 they were increased to half a million. They have therefore all along doubled their own number in twenty-five years.β ββ Richard Price, Observations on Reversionary Payments, etc., 1771, pp. 204, 205. The statement as to America is repeated below, here. β©
Here we have a third method of calculating the riches or wealth of a country, namely by the amount of produce per acre. For other references to this βwealthβ of China see the index, s.v. China. β©
The date of his arrival was 1275. β©
βLes artisans courent les villes du matin au soir pour chercher pratique,β Quesnay, ΓphΓ©mΓ©rides du citoyen, Mars, 1767; in Εuvres, ed. Oncken, 1888, p. 581. β©
βCependant quelque sobre et quelque industrieux que soit le peuple de la Chine, le grand nombre de ses habitants y cause beaucoup de misΓ¨re. On en voit de si pauvres, que ne pouvant fournir Γ leurs enfants les aliments nΓ©cessaires, ils les exposent dans les rues, surtout lorsque les mΓ¨res tombent malades, ou quβelles manquent de lait pour les nourrir. Ces petits innocents sont condamnΓ©s en quelque maniΓ¨re Γ la mort presque au mΓͺme instant quβils ont commencΓ© de vivre: cela frappe dans les grandes villes, comme Peking, Canton; car dans les autres villes Γ peine sβen aperΓ§oit-on.
βCβest ce qui a portΓ© les missionnaires Γ entretenir dans ces endroits trΓ¨s peuplΓ©s, un nombre de catΓ©chistes, qui en partagent entre eux tous les quartiers, et les parcourent tous les matins, pour procurer la grΓ’ce du baptΓͺme Γ une multitude dβenfants moribonds.
βDans la mΓͺme vue on a quelquefois gagnΓ© des sages-femmes infidΓ¨les afin quβelles permissent Γ des filles chrΓ©tiennes de les suivre dans les diffΓ©rentes maisons oΓΉ elles sont appelΓ©es: car il arrive quelquefois que les Chinois se trouvant hors dβΓ©tat de nourrir une nombreuse famille, engagent ces sages-femmes Γ Γ©touffer dans un bassin plein dβeau les petites filles aussitΓ΄t quβelles sont nΓ©es; ces chrΓ©tiennes ont soin de les baptiser, et par ce moyen ces tristes victimes de lβindigence de leurs parents trouvent la vie Γ©ternelle dans ces mΓͺmes eaux, qui leur ravissent une vie courte et pΓ©rissable.β
ββ Du Halde, Description gΓ©ographique, historique, chronologique, politique et physique de lβempire de la Chine et de la Tartarie chinoise, 1735, tom. ii, pp. 73, 74.The statement in the text above that drowning babies is a special business is possibly founded on a mistranslation of βsages-femmes.β β©
Below, here. β©
The difference between England and Scotland in this respect is attributed to the English law of settlement below, here. β©
The inferiority of oatmeal is again insisted on below, here. β©
Authorities are quoted below, here. β©
Hume, History, ed. of 1773, vol. vi, p. 178, quoting Rymerβs Foedera, tom. xvi, p. 717. This was for service in Germany. β©
Sir Matthew Hale. β©
See his scheme for the maintenance of the Poor, in Burnβs History of the Poor-laws. ββ Smith
This note appears first in ed. 2. Haleβs Discourse Touching Provision for the Poor was printed in 1683. It contains no internal evidence of the careful inquiry attributed to it above. ββ Cannan β©
Davenant, Essay Upon the Probable Methods of Making a People Gainers in the Balance of Trade, 1699, pp. 15, 16; in Works, ed. Whitworth, vol. ii, p. 175. β©
Scheme D in Davenant, Balance of Trade, in Works Scheme B, vol. ii, p. 184. See this note. β©
Berkeley, Querist, 5th ed., 1752, qu. 2, asks βwhether a people can be called poor where the common sort are well fed, clothed and lodged.β Hume, βOn Commerce,β says: βThe greatness of a state and the happiness of its subjects, however independent they may be supposed in some respects, are commonly allowed to be inseparable with regard to commerce.β ββ Political Discourses, 1752, p. 4 β©
Cantillon,
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