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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This story is from Pliny, Historia Naturalis, xxxiii, cap. iv, who remarks, βTantus erat docendae oratoriae quaestus,β but the commentators point out that earlier authorities ascribe the erection of the statue not to Gorgias, but to the whole of Greece. β©
It is difficult to discover on what passage this statement is based. β©
Plutarch, Alexander. β©
This is a slip. Carneades was a native of Cyrene, and it was his colleague Diogenes who was a Babylonian by birth. β©
Below, here through here. β©
Above, here. β©
15 Car. II, c. 15. β©
Ed. 1 does not contain βthe.β β©
Ed. 1 places the βisβ here. β©
C. 12. β©
This account of the provisions of the Acts regarding settlement, though not incorrect, inverts the order of the ideas which prompted them. The preamble complains that owing to defects in the law βpoor people are not restrained from going from one parish to another, and therefore do endeavour to settle themselves in those parishes where there is the best stock,β and so forth, and the Act therefore gives the justices power, βwithin forty days after any such person or persons coming so to settle as aforesaid,β to remove them βto such parish where he or they were last legally settled either as a native, householder, sojourner, apprentice or servant for the space of forty days at the least.β The use of the term βsettlementβ seems to have originated with this Act. β©
C. 17, βAn act for reviving and continuance of several acts.β The reason given is that βsuch poor persons at their first coming to a parish do commonly conceal themselves.β Nothing is said either here or in Burnβs Poor Law or Justice of the Peace about parish officers bribing their poor to go to another parish. β©
3 W. and M., c. 11, Β§ 3. β©
Richard Burn, Justice of the Peace, 1764, vol. ii, p. 253. β©
§§ 6, 8. β©
Β§ 7 confines settlement by service to unmarried persons without children. β©
By 9 Geo. I, c. 7. β©
The Act, 13 & 14 Car. II, c. 12, giving the justices power to remove the immigrant within forty days was certainly obstructive to the free circulation of labour, but the other statutes referred to in the text, by making the attainment of a settlement more difficult, would appear to have made it less necessary for a parish to put in force the power of removal, and therefore to have assisted rather than obstructed the free circulation of labour. The poor law commissioners of 1834, long after the power of removal had been abolished in 1795, found the law of settlement a great obstruction to the free circulation of labour, because men were afraid of gaining a new settlement, not because a new settlement was denied them. β©
C. 30, βAn act for supplying some defects in the laws for the relief of the poor of this kingdom.β The preamble recites, βForasmuch as many poor persons chargeable to the parish, township or place where they live, merely for want of work, would in any other place when sufficient employment is to be had maintain themselves and families without being burdensome to any parish, township or place.β But certificates were invented long before this. The Act 13 & 14 Car. II, c. 12, provides for their issue to persons going into another parish for harvest or any other kind of work, and the preamble of 8 & 9 W. III, c. 30, shows that they were commonly given. Only temporary employment, however, was contemplated, and, on the expiration of the job, the certificated person became removable. β©
Rather by the explanatory Act, 9 & 10 W. III, c. 11. β©
All these statutes are conveniently collected in Richard Burnβs History of the Poor Laws, 1764, pp. 94β ββ 100. β©
Burn, Justice of the Peace, 1764, vol. ii, p. 274. β©
Burn, History of the Poor Laws, 1764, pp. 235, 236, where it is observed that βit was the easy method of obtaining a settlement by a residency of forty days that brought parishes into a state of war against the poor and against one another,β and that if settlement were reduced to the place of birth or of inhabitancy for one or more years, certificates would be got rid of. β©
Burn, Justice, vol. ii, p. 209. The date given is 1730. β©
Since the fact of the father having no settlement would not free the parish from the danger of having at some future time to support the children. β©
Some evidence in support of this assertion would have been acceptable. Sir Frederic M. Eden, State of the Poor, 1797, vol. i, pp. 296β ββ 298, may be consulted on the other side. William Hayβs Remarks on the Laws Relating to the Poor, 1735, which Eden regards as giving a very exaggerated view of the obstruction caused by the law of settlement, was in the Edinburgh Advocatesβ Library in 1776, and Adam Smith may have seen it. β©
History of the Poor Laws, p. 130, loosely quoted. After βlimitationβ the passage runs, βas thereby it leaves no room for industry or ingenuity; for if all persons in the same kind of work were to receive equal wages there would be no emulation.β β©
7 Geo. I, stat. 1,
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