By Adam Smith, Edwin Cannan, George J Stigler

"The Wealth of countries" is a giant booklet of economics, background, philosophy, and social feedback. it truly is 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 work out 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 superb range of his pursuits. regrettably, the editorial gear is vulnerable. The reviews are few in quantity and enormously short, and the fast Preface fails to place the ebook into historic and highbrow context. Dickey does supply 4 appendices yet those take care of really really good themes instead of the large photo.

Bottom line: this version is reasonably cheap yet may not be the easiest one for college kids.

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

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This money, however, was, for a long time, received at the exchequer, by weight and not by tale. The inconveniency and difficulty of weighing those metals with exactness gave occasion to the institution of coins, of which the stamp, covering entirely both sides of the piece and sometimes the edges too, was supposed to ascertain not only the fineness, but the weight of the metal. Such coins, therefore, were received by tale as at present, without the trouble of weighing. The denominations of those coins seem originally to have Adam Smith ElecBook Classics The Wealth of Nations: Book 1 46 expressed the weight or quantity of metal contained in them.

In the English mint a pound weight of gold is coined into fortyfour guineas and a half, which, at one-and-twenty shillings the guinea, is equal to forty-six pounds fourteen shillings and sixpence. An ounce of such gold coin, therefore, is worth £3 17s. 10 1/2d. in silver. In England no duty or seignorage is paid upon the coinage, and he who carries a pound weight or an ounce weight of standard gold bullion to the mint, gets back a pound weight or an ounce weight of gold in coin, without any deduction.

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. One of Mr.

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