Wealth of Nations

Paper Summary:

In this article, the writer notes that the 18th century Enlightenment-era Scottish economist, Adam Smith, is best known for his book 'The Wealth of Nations'. The writer explains that this book offers a comprehensive description and analysis of political economy in the early years of the Industrial Revolution. In particular, the writer notes that 'The Wealth of Nations' offers a brilliant and exhaustive analysis (and defense) of free-market policies. The writer concludes that 'The Wealth of Nations' contains a great deal of timeless economic wisdom on topics including the division of labor; competition; monopoly; special interest groups; supply and demand and other economic issues at least as important now as they were in Smith's own time.

From the Paper:

"Stylistically, Adam Smith's The Wealth of Nations (1776) is clear, straightforward, well organized, and surprisingly accessible and easy to read. The key subject areas covered within The Wealth of Nations include: the economic realities and effects of the Industrial Revolution; the drawbacks of Mercantilism; the concept of the Invisible Hand; the concept of Meritocracy; the concept of "Both-Benefit" transactions; and the diamond-water paradox, which has to do with how objects are valued by society."
"In Book I, for example, Adam Smith discusses concepts including the division of labor in a free-market society; and the reasons for the disappearance of feudalism as an economic system."

Sample of Sources Used:

• Smith, Adam. The Wealth of Nations. New York: Bantam, 2003.

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