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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But 8 Eliz., c. 11, was enacted βat the lamentable suit and complaintβ not of the hatters but of the cap-makers, who alleged that they were being impoverished by the excessive use of hats, which were made of foreign wool, and the extension to the colonies of the restriction on apprentices by 5 Geo. II, c. 22, was doubtless suggested by the English hattersβ jealousy of the American hatters, so that this regulation was not dictated by quite the same spirit as the Sheffield bylaw. β©
The preamble of 13 and 14 Car. II, c. 15, says that the company of silk throwers in London were incorporated in 1629, and the preamble of 20 Car. II, c. 6, says that the trade had lately been obstructed because the company had endeavoured to put into execution a certain bylaw made by them nearly forty years since, restricting the freemen to 160 spindles and the assistants to 240. The act 20 Car. II, c. 6, accordingly declares this bylaw void. It also enacts that βno bylaw already made or hereafter to be made by the said company shall limit the number of apprentices to less than three.β β©
βIn Italy a mestiere or company of artisans and tradesmen was sometimes styled an ars or universitas.β ββ β¦ The company of mercers of Rome are styled universitas merciariorum, and the company of bakers there universitas pistorum.β ββ Madox, Firma Burgi, 1726, p. 32 β©
C. 4, Β§ 31. β©
βIt hath been held that this statute doth not restrain a man from using several trades, so as he had been an apprentice to all; wherefore it indemnifies all petty chapmen in little towns and villages because their masters kept the same mixed trades before.β ββ Matthew Bacon, New Abridgement of the Law, 3rd ed., 1768, vol. iii, p. 553, s.v. Master and servant β©
New Abridgement of the Law, vol. iii, p. 552. β©
New Abridgement of the Law, vol. i, p. 553. β©
Bacon (New Abridgement of the Law, iii, 553), however, says distinctly: βA coach-maker is within this statute,β on the authority of Ventrisβ Reports, p. 346. β©
Compagnon. β©
Compagnonnage. β©
Contrast with this the account of the origin of property in the Lectures, pp. 107β ββ 127. β©
Of Scotch manufacture, 10 Ann., c. 21; 13 Geo. I, c. 26. β©
39 Eliz., c. 20; 43 Eliz., c. 10, Β§ 7. β©
The article on apprentices occupies twenty-four pages in Richard Burnβs Justice of the Peace, 1764. β©
The last two terms seem to be used rather contemptuously. Probably Smith had fresh in his recollection the passage in which Madox ridicules as a βpiece of puerilityβ the use of the English word βmisterie,β derived from βthe Gallic word mestera, mistera and misteria,β as if it βsignified something ΞΌΟ ΟΟΞ·ΟΞΉΟΜδΡΟ, mysterious.β ββ Firma Burgi, 1726, pp. 33β ββ 35 β©
See Madox Firma Burgi, p. 26, etc. ββ Smith
This note appears first in ed. 2. ββ Cannan β©
βPeradventure from these secular gilds or in imitation of them sprang the method or practice of gildating and embodying whole towns.β ββ Madox, Firma Burgi, p. 27 β©
The argument is unsound in the absence of any proof that the more numerous successes are not counterbalanced by equally numerous failures; cp. this note. β©
Below, here through here. β©
Descriptions des Arts et MΓ©tiers faites ou approuvΓ©es par Messieurs de lβAcadΓ©mie Royale des Sciences, 1761β ββ 88. β©
Lectures, p. 255. β©
Below, here through here. β©
Ed. 1 reads βsingle member of itβ here and in the next line. β©
Eds. 4 and 5 erroneously insert βaβ here. β©
According to Richard Burnβs Ecclesiastical Law, 1763, s.v. Curates, six marks was the pay ordered by a constitution of Archbishop Islip till 1378, when it was raised to eight. β©
See the Statute of labourers, 25 Ed. III. ββ Smith
Below, here. The note is not in ed. 1. ββ Cannan β©
The quotation is not intended to be verbatim, in spite of the inverted commas. β©
Ed. 1 does not contain βor private.β β©
Hume, History, ed. of 1773, vol, iii, p. 403, quotes 11 Hen. VII, c. 22, which forbids students to beg without permission from the chancellor. β©
Eds. 1β ββ 3 read βwas.β β©
§§ 3, 4. A very free but not incorrect translation. Arbuthnot, Tables of Ancient Coins, Weights and Measures, 2nd ed., 1754, p. 198, refers to but does not quote the passage as his authority for stating the reward of a sophist at four or five minΓ¦. He treats the mina as equal to Β£3 4s. 7d., which at the rate of 62s. to the pound troy is considerably too low. β©
Plutarch, Demosthenes, c. v, Β§ 3; Isocrates, Β§ 30. β©
Arbuthnot, Tables of Ancient Coins, p. 198, says, βIsocrates had from his disciples a didactron or reward of 1,000 minΓ¦, Β£3,229 3s. 4d.,β and quotes βPlut. in Isocrate,β which says nothing about a didactron, but only that Isocrates charged ten minΓ¦ and had 100 pupils. ββ §§
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