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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The error that agriculture produces substances and manufacture only alters them is doubtless at the bottom of much of the support gained by the theory of productive and unproductive labour. β©
This passage, from the beginning of the paragraph, may well have been suggested by Cantillon, Essai, pp. 11β ββ 22. β©
Ed. 1 reads βtheir.β β©
Ed. 1 reads βconsiderable advantage that it should.β β©
Primogeniture and entails are censured as inimical to agriculture in Lectures, pp. 120, 124, 228. β©
Lectures, pp. 117β ββ 118. β©
Ed. 1 reads βform.β β©
In Lectures, p. 123, the Roman origin of entails appears to be accepted. β©
This passage follows Lectures, p. 124, rather closely, reproducing even the repetition of βabsurd.β β©
Ed. 1 does not contain βsupposed to be.β β©
This remark follows Lectures, p. 228. Cp. below, here through here, and here. β©
βA small part of the West of Europe is the only portion of the globe that is free from slavery,β βand is nothing in comparison with the vast continents where it still prevails.β ββ Lectures, p. 96 β©
Pliny, Historia Naturalis, lib. xviii, cap. iv.; Columella, De re rustica, lib. i, prΓ¦fatio. β©
Politics, 1265a. β©
Raynal, Histoire philosophique (Amsterdam ed.), tom. vi, pp. 368β ββ 388. β©
Above, here; Lectures, p. 225. β©
Lectures, pp. 100, 101. β©
Raynal, Histoire philosophique (Amsterdam ed.), tom. i, p. 12. In Lectures, pp. 101, 102, Innocent III appears in error for Alexander III. β©
Probably Quesnayβs estimate; cp. his article on βFermiersβ in the EncyclopΓ©die, reprinted in his Εuvres, ed. Oncken, 1888, pp. 160, 171. β©
Garnier is certainly wrong in suggesting in his note, βce nom vient probablement de la maniΓ¨re dont ils Γ©taient autrefois armΓ©s en guerre.β ββ Recherches, etc., tom. ii, p. 428. βBowβ is the farming stock; βsteelβ is said to indicate the nature of the contract, and eisern vieh and bestia ferri are quoted as parallels by Cosmo Innes, Lectures on Scotch Legal Antiquities, 1872, pp. 245, 266. β©
Gilbert, Treatise of Tenures, 3rd ed., 1757, pp. 34 and 54; Blackstone, Commentaries, vol. ii, pp. 141, 142. The whole paragraph follows Lectures, p. 226, rather closely. β©
M. Bacon, New Abridgment of the Law, 3rd ed., 1768, vol. ii, p. 160, s.v. Ejectment; cp. Lectures, p. 227. β©
Blackstone, Commentaries, iii, 197. β©
Lectures, pp. 227β ββ 228. β©
Acts of 1449, c. 6, βordained for the safety and favour of the poor people that labours the ground.β β©
10 Geo. III, c. 51. β©
Below, here. β©
Lectures, pp. 226, 227. β©
20 Geo. II, c. 50, Β§ 21. β©
Lectures, p. 227. β©
Ed. 1 reads βthat.β β©
Originally tenths and fifteenths of movable goods; subsequently fixed sums levied from the parishes, and raised by them like other local rates; see Cannan, History of Local Rates, 1896, pp. 13β ββ 14, 18β ββ 20, 22 note, 23 note. β©
Lectures, p. 226. β©
Essays on Husbandry (by Walter Harte), 1764, pp. 69β ββ 80. β©
Below, here through here. β©
Above, here; Lectures, p. 229. β©
Lectures, p. 233. β©
See Bradyβs historical treatise of Cities and Burroughs, p. 3, etc. ββ Smith
Robert Brady, Historical Treatise of Cities and Burghs or Boroughs, 2nd ed., 1711. See, for the statements as to the position of townsmen and traders contained in these two paragraphs, esp. pp. 16, 18, and Appendix, p. 8. Cp. Hume, History, ed. of 1773, vol. i, p. 205, where Domesday and Brady are both mentioned. The note appears first in ed. 2. ββ Cannan β©
Ed. 1 does not contain βthe.β β©
See Madox Firma Burgi, 1726, p. 18; also Madox, History and Antiquities of the Exchequer, chap. 10 sect. v p. 223, first edition 1711. But the statement in the text above that the farm was in place of poll taxes is not supported by Firma Burgi, p. 251, where Madox says the βyearly ferme of towns arose out of certain locata or demised things that yielded issues or profit,β e.g., assised rents, pleas, perquisites, custom of goods, fairs, markets, stallage, aldermanries, tolls and wharfage. It was only if these fell short of the farm, that a direct contribution from the townsmen would be levied. The note appears first in ed. 2. β©
An instance is given in Firma Burgi, p. 21. β©
See Madox Firma Burgi: See also Pfeffel in the remarkable events under Frederic II and his successors of the house of Suabia. ββ Smith
This note appears first in ed. 2. In Pfeffelβs Nouvel AbrΓ©gΓ© chronologique de Thistoire et du droit public dβAllemagne, 1776, βEvΓ©nements
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