The Wealth of NationsAbout The Wealth of Nations by Adam Smith Once the European Science and Industry Organisation founded the Adam Smith Prize that represents the social acknowledgement of the merits of specialists and scientists in the spheres of economics and finances. The great Scottish economist and philosopher became famous all over the world after publishing his unique book The Wealth of Nations where he proved the concept of the free economic development approach, analysed in details in what way the economy could develop if based on this principle and the free enterprise. The Wealth of Nations Quotes THE DIVISION OF LABOUR It is the great multiplication of the productions of all the different arts, in consequence of the division of labour, which occasions, in a well-governed society, that universal opulence which extends itself to the lowest ranks of the people TRADE SPECIALISATION By means of glasses, hotbeds, and hotwalls, very good grapes can be raised in Scotland, and very good wine too can be made of them at about thirty times the expense for which at least equally good can be brought from foreign countries. Would it be a reasonable law to prohibit the importation of all foreign wines, merely to encourage the making of claret and burgundy in Scotland? COMPETITION In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so. |
