When was The Wealth of Nations first published?
The Wealth of Nations was published on the 9th of March 1776, in two volumes. Five editions appeared during Adam Smith's lifetime, in 1776, 1778, 1784, 1786, and 1789.
Questions about The Wealth of Nations
Short answers, pulled from the story.
What is the invisible hand in The Wealth of Nations?
The invisible hand appears only once in The Wealth of Nations, in Book Four, Chapter Two. Smith used it to describe how a merchant pursuing personal gain and preferring domestic industry over foreign imports is, without intending it, led to promote the economic benefit of society as a whole.
How did The Wealth of Nations influence government policy?
In 1777, Prime Minister Lord North drew on the book for two new taxes: one on man-servants and one on property sold at auction. Prime Minister William Pitt praised Smith in the House of Commons on the 17th of February 1792, and the book shaped debates on free trade, the Corn Laws, and war debts throughout the 18th and 19th centuries.
What did Adam Smith say about wages and workers in The Wealth of Nations?
Smith argued that employers maintain a constant, silent combination to keep wages from rising, while workers who attempt the same face harsh legal penalties. He documented high child mortality among the poor in the Scottish Highlands and defined personal wealth by the quantity of labour a person can afford to purchase.
What is The Wealth of Nations' citation ranking among economics books?
With 36,331 citations, The Wealth of Nations is the second most cited book in economics published before 1950, behind Karl Marx's Das Kapital.
How did The Wealth of Nations influence the United States Constitution?
James Madison, who wrote much of the Constitution, is known to have read The Wealth of Nations. The term direct tax as used in Article One of the Constitution traces back to Smith's distinction between direct and indirect taxes in Book Five of the treatise.