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Milestone Name: First publication of the Wealth of Nations,
The Wealth of Nations
Full name of milestone: First publication of the Wealth of Nations
Type of milestone: business
Milestone year: 1776
Description: Of the Division of Labour: Division of labour has caused a greater increase in production than any other factor. This diversification is greatest for nations with more industry and improvement, and is responsible for "universal opulence" in those countries. Agriculture is less amenable than industry to division of labour; hence, rich nations are not so far ahead of poor nations in agriculture as in industry.
Of the Principle which gives Occasion to the Division of Labour: Division of labour arises not from innate wisdom, but from humans' propensity to barter. The apparent difference in natural talents between people is a result of specialisation, rather than any innate cause.
An Inquiry into the Nature and Causes of the Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labor, productivity, and free markets.
Country then: Scottland
Country now: Scottland
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| The Wealth of Nations