The book’s full name is ‘An Inquiry into the Nature and Causes of the Wealth of Nations,’ written by Adam Smith. This book is truly a masterpiece that gives great insights into the world of economics and management. The entire book is made of six books, discussing economics and explaining how it relates to human nature and social dynamics. Due to its extensive detail of how economics and commerce worked under the mercantile system, it is considered as a masterpiece. It also was among the first books that discussed the use of automatic economic system and the role of government in ensuring efficiency through ensuring that there exists justice, education, public works and dignity. Over a century later, the book is still relevant in governance and defining the role of the government. We're discussing books 1, 2, and 3.
“The Wealth Of Nations still leaves us with a powerful set of solutions to the worst economic problems that the world can throw at us. The free economy is an adaptable and flexible system, which can withstand the shock of the new, and cope with whatever the future brings.” – Adam Smith Institute
In such a busy and crowded marketplace, most people and organizations don’t have time to learn about what other places are really like. When you haven’t got time to read a book, you judge it by its cover. We all navigate through the complexity of the modern world armed with a
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The ¬division of labor increases efficiency in any manufacturing industry, whether complex or as simple as making pins.
Division of nature is the gradual consequence of human nature rather than by design based on wisdom.
As division of labor takes root, the wealth of a person is measured by the quantity of labor one can command or purchase.
the price of a commodity may rise or decline to reflect the real value of the commodity, depending on its availability.
The natural price of a commodity is the price of the commodity that is just enough to cover the three components of the price.