Adam Smith revolutionized economic theory with his 1776 work An
Inquiry to the Nature and Causes of the Wealth of Nations. He
proposed rules governing labor, supply, and demand; and describes
division of labor, stockpiling of wealth, lending, and interest.
Smith also discusses how economies lead to opulence. Wealth of
Nations also offers a defense for free-market capitalism. This
edition of Wealth of Nations is an abridged version edited by
Harvard economics professor CHARLES JESSE BULLOCK (1869-1941) and
published in 1901 by Harvard Classics, a series that offered the
essential readings for anyone who wanted the functional equivalent
of a liberal arts education. Any student of economics should be
familiar with the concepts and laws that Smith developed, as much
of economic theory is still based upon his work. Scottish economist
and philosopher ADAM SMITH (1723-1790) helped set standards in the
fields of political economics and moral philosophy, playing a key
role in the early development of the scholarship of economics. His
other writings include Essays on Philosophical Subjects.
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