Nobody downloaded yet

Adam Smith: Wealth of Nations - Book IV, Chaper II - Essay Example

Comments (0) Cite this document
His parents were the late Adam Smith, who was a Judge and Comptroller of Customs, and his widow, Margaret Douglas. Smith was educated at the University of Glasgow and went on to attend Balliol College at…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.1% of users find it useful
Adam Smith: Wealth of Nations - Book IV, Chaper II
Read TextPreview

Extract of sample "Adam Smith: Wealth of Nations - Book IV, Chaper II"

Download file to see previous pages Smith then retired to Kirkcaldy with his life pension and worked on Inquiring into the Nature and Causes of the Wealth of Nations, which was published in 1776, after almost twelve years of endeavor. In 1778, Smith was appointed Commissioner of Customs in Scotland. In this post, he settled down with his mother, friends and books in Edinburgh, until his death in 1790.
Adam Smith’s seminal work has rightly been acknowledged to be the single most important book on political economy to ever be written. Its’ basic premise is that rational self-interest, rooted in a free-market economy, leads to the economic well-being of the individual and this in turn contributes to the economic prosperity of the society and the nation. Many crucial concepts of economic theory, such as the division of labor, equality of returns, human capital, job safety, retaliatory tariff and the so-called modern issues, such as school choice programs, owe their origins to Smith, who can quite justifiably be hailed as “the alpha and omega of economic science” (The Concise Encyclopedia of Economics).
The Wealth of Nations was a strong dissenting voice in the prevalent climate of trade restrictions in eighteenth century England. The new industrialized group of capitalist manufacturers in England formed an influential power center to block any legislation designed to lift trade restrictions with France. Both France and England had, as a matter of foreign policy and as a perception of each other as ‘natural enemies,’ resorted to policies and legislation aimed at creating a virtual monopoly of their home markets, by imposing high tariffs on imports. Smith’s work contributed to the ongoing debate as to the expediency of revising commercial terms with France and undertaking tariff revisions. In this context, The Wealth of Nations sets forth strong, irrefutable arguments in favor of free trade and demonstrates that ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Adam Smith: Wealth of Nations - Book IV, Chaper II Essay”, n.d.)
Adam Smith: Wealth of Nations - Book IV, Chaper II Essay. Retrieved from
(Adam Smith: Wealth of Nations - Book IV, Chaper II Essay)
Adam Smith: Wealth of Nations - Book IV, Chaper II Essay.
“Adam Smith: Wealth of Nations - Book IV, Chaper II Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Adam Smith: Wealth of Nations - Book IV, Chaper II

Book Review on Wealth of nations

...?Book Review on Wealth of nations by Adam Smith Adam Smith, in his seminal work The Wealth of Nations has laid the foundations of all the modern economic thought and political economy. Smith has published his thoughtful insights on various political economies through five major books and this review focuses on Book One where the author deals elaborately with the causes of improvement in the productive powers of labor. The book is divided into various chapters and this review specifically deal with the first three chapters...
5 Pages(1250 words)Term Paper

Wealth of nations by Adam Smith

...? Wealth of Nations Chapter 5 Analysis Written by Adam Smith in 1776, readers of today find the bookWealth of Nations” almost impenetrable since the language used is flowery and the terminologies are outmoding yet wander into digressions. In spite of that, this book is one of the world’s most important books because it did for economics what Newton and Darwin did for physic and biology. Adam took what seemed outdated in trade and commerce then used public policy and his wisdom to re-state all these facts into complete, fresh, and new principles that people use fruitfully centuries later (Smith, 2010). In his work, Adam outlined gross domestic product concept for measuring wealth of a nation through identification of huge gains... of...
4 Pages(1000 words)Term Paper

Adam Smith

..., and this occurrence, Adam Smith has mentioned, exists due to the ‘benevolent invisible hand’. All these effects take place dynamically and automatically (Helen, 2001). Contribution to Economics Adam Smith gave major contributions in the field of economics through his economic thoughts, publications and theories. The major contribution of the economist was given in the year 1776 in the form of his most prominent book, The Wealth of Nations’. This work established the economic dimensions of the Industrial Revolution and has converted economics into the characteristics of social sciences. The Wealth of...
4 Pages(1000 words)Term Paper

Who was Adam Smith

... of the Adam Smith is an economist and a of a number of prominent books, such as The Nature and Causes of the Wealth of Nations written in 1776. He theorized a system, which fixed essential principles of economics and its operations (Smith (a), n. d.).  His book explicates the relation of supply and demand and the ideation of division of labour forces in the industrial period, which accorded him such distinction that catapulted him to the Board of Customs in Scotland. This historic distinction later became an anthropological and historical interest for those who would visit Edinburgh (Smith (b), n. d.). Smith was born in Scotland and got education in Glasgow. He also spent his academic life in Oxford and gained extensive knowledge... produce...
4 Pages(1000 words)Essay

The Nature and Causes of the Wealth of Nations, Adam Smith

...? The Nature and Causes of the Wealth of Nations The Nature and Causes of the Wealth of Nations Adam Smith is considered to be the father of modern economics. He contributed extensively towards the shaping of the overall foundation of economics by writing some works. “The Nature and Causes of the Wealth of Nations” is admitted to be the most significant contribution to the field of classical economics. “The Wealth of Nations” is viewed as a magnum opus in the field of economics and moral philosophy. The book discusses some of the most important ideas pertaining to the free market, the division of labour, and how the forces of supply and demand actually work in the free market. One of the essential ideas in “The Wealth of Nations... ” is the...
6 Pages(1500 words)Essay

Adam Smith Wealth of Nations

...Adam Smith - Wealth of Nations Adam Smith is one of the well-known political economists in the 18th century because of his work called "An Inquiry into the Nature and Causes of the Wealth of Nations" or simply called Wealth of Nations. His work paved the way to modern economics and gave rationale for capitalism, free-trade and libertarianism. Smith is actually considered to be the Father of Modern Economics. Adam Smith's ideas as reflected in his work are still relevant today. His concept of free-trade is still what majority of the world's economy is practicing. Free trade, according to Smith, is the ability of the economy to produce the sufficient amount of goods and provide different varieties with the guidance of what he calls... in the...
1 Pages(250 words)Essay

Adam smith biography the life pension that he earned through that tutorship, and he returned home to Kirkcaldy, where he dedicated to the task of writing his most important work, The Wealth of Nations, which was published in 1776, the same year of the Declaration of Independence of the United States of America. His close friend Hume also died in that year. It is relevant to note that Smith explains to Great Britain that “her American colonies are not worth the cost of keeping” in the fourth book of The Wealth of Nations.3 In 1778 he was hired as commissioner of customs in Scotland. At this time Smith and his mother moved to Edinburgh....
8 Pages(2000 words)Essay

Adam Smith

...Adam Smith Today Adam Smith is recognized as one of the foremost economist of the modern world. In his text the Wealth of Nations, Smith established a view of economic structures that has since come to be recognized and adopted by world nations as capitalism. While Smith’s theories proved widely prescient, in some regards they clung to an overly idealistic articulation of world processes. This essay examines Smith’s understanding of capitalism and demonstrates why his ideals cannot entirely be followed in the modern world. In the Wealth of...
2 Pages(500 words)Essay

Adam Smith Inquiry on the Wealth of Nations

...Adam Smith Inquiry on the Wealth of Nations In comparing the lives of industrial laborers in England with those of hunters and shepherds in more primitive, ‘barbarous’ societies, Adam Smith successfully portrays the difference between the two lives and equally holds a higher opinion on the life of a “barbarous” hunter or herdsmen. Nevertheless, he suggests that that the government initiates a widespread education for children for the sake of eliminating poverty in the nation. This is despite the fact that he initially argued that specialization and division of labor are engines are the key to success. Subject to his...
1 Pages(250 words)Essay

Adam Smith

... increases chances of inventions due to improved skills in one area of operation. However, it is in order to conclude that division of labor is not mainly facilitated by human wisdom but by other greater factors such as necessity. Actually, since necessity leads people to work and specialize in their most productive areas, it could arguably be considered as the main driving force behind division of labor. Works Cited Smith, A 2007, An inquiry into the nature and causes of the wealth of nations, Volume 1, New York, Cosimo.... DVISION OF LABOR: ADAM SMITH By Division of Labor: Adam Smith Division of labor has, to a great extent, improved production levels and efficiency of...
5 Pages(1250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Adam Smith: Wealth of Nations - Book IV, Chaper II for FREE!

Contact Us