An Inquiry into the Nature and Causes of the Wealth of Nations
Smith's foundational work on political economy examines how labor productivity, capital accumulation, and market systems create wealth in nations. Through analysis of division of labor, pricing mechanisms, wage dynamics, and taxation, Smith argues for the benefits of free markets and limited government intervention in economic affairs.
Divisions
- Book I0 / 0
Examines the productive powers of labor and how market systems distribute produce among different ranks of people.
- Book II0 / 0
Analyzes the nature of capital stock, its accumulation, and how different employment of capital maintains productive labor.
- Book III0 / 0
Traces how different nations achieve economic prosperity through agriculture and commerce over historical periods.
- Book IV0 / 10
Critiques mercantile and agricultural economic systems and their effects on national wealth and prosperity.
- Book V0 / 0
Addresses sovereign expenses, public revenue sources, and the problems created by public debt accumulation.