The Wealth of Nations
Definition
"The Wealth of Nations" is a book written by Adam Smith in which he discusses the nature and causes of wealth in nations. It's considered one of the most important books in economic theory.
Analogy
Consider "The Wealth of Nations" as the "Harry Potter" series for economists - it has had a huge impact on its field and continues to be widely read and referenced today.
Related terms
Division of Labor: This term refers to breaking down large jobs into smaller tasks that are performed by different workers. Imagine if you were making cookies - instead of doing everything yourself, one person mixes ingredients, another shapes them, someone else bakes them etc., increasing efficiency.
Mercantilism: An economic theory prevalent before The Wealth Of Nations was published; it advocated heavy governmental regulation and believed wealth was finite and could only be gained at the expense of others.
Supply and Demand: A fundamental economic concept that states that the price of a good or service is determined by its availability (supply) and how much people want it (demand). It's like a seesaw - if there's more demand than supply, prices go up; if there's more supply than demand, prices go down.
"The Wealth of Nations" appears in:
Subjects (2)
Practice Questions (14)
- Which Enlightenment thinker is known for his work "The Wealth of Nations"?
- Who is the author of "The Wealth of Nations" which discusses economic systems during 18th-century Europe?
- What ideology did Adam Smith argue for in his book, "The Wealth of Nations"?
- Who is the author of "The Wealth of Nations", a seminal work on economic theory written during this period?
- What could be an implication if Adam Smith hadn't published "The Wealth of Nations" leading into the Industrial Revolution?
- How did Adam Smith's "The Wealth of Nations" shape economic thought?
- Who wrote the economic treatise called “The Wealth of Nations”?
- Who wrote "The Wealth of Nations"?
- Who was primarily addressed by Adam Smith in his work "The Wealth of Nations" published in the late-18th century?
- Who is considered the "Father of Modern Economics" who wrote "The Wealth of Nations"?
- What did Adam Smith advocate for in his book "The Wealth of Nations"?
- How did Adam Smith's ideas in "The Wealth of Nations" shape long-term economic policy?
- Which economic system was promoted by Adam Smith in "The Wealth of Nations"?
- Who is the author of "The Wealth of Nations", a text that discusses economic liberalization and free-trade principles in the context of 18th-century Europe?
Resources
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