An Inquiry into the Nature and Causes of the Wealth of by Adam Smith, Edwin Cannan, George J Stigler

By Adam Smith, Edwin Cannan, George J Stigler

"The Wealth of countries" is a huge ebook of economics, background, philosophy, and social feedback. it really is even more than Adam Smith neckties at GOP conventions, simply because it is way than a reverential nod or in smooth textbooks. Econ scholars have to learn it to determine the place their self-discipline got here from and what it can be back. thankfully, Dickey's abridgment reproduces adequate of the textual content (about 25 percentage) to exhibit the intensity of Smith's erudition and the fantastic variety of his pursuits. regrettably, the editorial equipment is susceptible. The reviews are few in quantity and quite short, and the fast Preface fails to place the publication into ancient and highbrow context. Dickey does provide 4 appendices yet those care for rather really expert themes instead of the massive photo.

Bottom line: this variation is reasonably cheap yet will not be the simplest one for college students.

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Extra resources for An Inquiry into the Nature and Causes of the Wealth of Nations

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The more or less money you get for any commodity, in the London market for example, the more or less labour it will at that time and place enable you to purchase or command. At the same time and place, therefore, money is the exact measure of the real exchangeable value of all commodities. It is so, however, at the same time and place only. Though at distant places, there is no regular proportion Adam Smith ElecBook Classics The Wealth of Nations: Book 1 60 between the real and the money price of commodities, yet the merchant who carries goods from the one to the other has nothing to consider but their money price, or the difference between the quantity of silver for which he buys them, and that for which he is likely to sell them.

If, on the contrary, instead of sheep or oxen, he had metals to give in exchange for it, he could easily proportion the quantity of the metal to the precise quantity of the commodity which he had immediate occasion for. Different metals have been made use of by different nations for this purpose. Iron was the common instrument of commerce among the ancient Spartans; copper among the ancient Romans; and gold and silver among all rich and commercial nations. Those metals seem originally to have been made use of for this purpose in rude bars, without any stamp or coinage.

Silver would appear to be more invariable in its value than gold. Silver would appear to measure the value of gold, and gold would not appear to measure the value of silver. The value of gold would seem to depend upon the quantity of silver which it would exchange for; and the value of silver would not seem to depend upon the quantity of gold which it would exchange for. This difference, however, would be altogether owing to the custom of keeping accounts, and of expressing the amount of all great and small sums rather in silver than in gold money.

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