By Adam Smith, Edwin Cannan, George J Stigler
"The Wealth of countries" is a huge publication of economics, background, philosophy, and social feedback. it's even more than Adam Smith neckties at GOP conventions, simply because it is far than a reverential nod or in sleek textbooks. Econ scholars have to learn it to determine the place their self-discipline got here from and what it may be back. thankfully, Dickey's abridgment reproduces adequate of the textual content (about 25 percentage) to show the intensity of Smith's erudition and the superb range of his pursuits. regrettably, the editorial gear is vulnerable. The reviews are few in quantity and highly short, and the fast Preface fails to place the publication into historic and highbrow context. Dickey does supply 4 appendices yet those care for rather really expert subject matters instead of the massive photograph.
Bottom line: this variation is low-cost yet will not be the easiest one for college students.
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Extra info for An Inquiry into the Nature and Causes of the Wealth of Nations
The money price of labour, as I shall endeavour to show hereafter, does not fluctuate from year to year with the money price of corn, but seems to be everywhere accommodated, not to the temporary or occasional, but to the average or ordinary price of that necessary of life. The average or ordinary price of corn again is regulated, as I shall likewise endeavour to show hereafter, by the value of silver, by the richness or barrenness of the mines which supply the market with that metal, or by the quantity of labour which must be employed, and consequently of corn which must be consumed, in order to bring any particular quantity of silver from the mine to the market.
English, French, and Scots pennies, too, contained all of them originally a real pennyweight of silver, the twentieth part of an ounce, and the two-hundred-and-fortieth part of a pound. The shilling too seems originally to have been the denomination of a weight. When wheat is at twelve shillings the quarter, says an ancient statute of Henry III, then wastel bread of a farthing shall weigh eleven shillings and four pence. The proportion, however, between the shilling and either the penny on the one hand, or the pound on the other, seems not to have been so constant and uniform as that between the penny and the pound.
This diminution, it is commonly supposed, though I apprehend without any certain proof, is still Adam Smith ElecBook Classics The Wealth of Nations: Book 1 56 going on gradually, and is likely to continue to do so for a long time. Upon this supposition, therefore, such variations are more likely to diminish than to augment the value of a money rent, even though it should be stipulated to be paid, not in such a quantity of coined money of such a denomination (in so many pounds sterling, for example), but in so many ounces either of pure silver, or of silver of a certain standard.
An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith, Edwin Cannan, George J Stigler