Wealth of Nations - Economics

An Inquiry into the Nature and Causes of the Wealth of Nations - by Adam Smith

'An Inquiry into the Nature and Causes of the Wealth of Nations' is one of the most famous book in Economics, and has remained relevant despite so many years having passed since its writing. This is a must read for anyone who is interested in understanding the nature of economic activities and how they result in creation of wealth in a society. This book demolished the view that gold and silver was wealth, and that countries should boost exports and resist imports. Instead, it established that a nation’s wealth is really the stream of goods and services that it creates. It argued that government should not attempt to control the economic activities by trade tariff, subsidies or granting monopolies; as it results in decrease in the wealth of nation and the welfare of society.

This work by Adam Smith consists of 5 books :

"Book I - Labour and Distribution of its produces among ranks of society",

"Book II - Nature, Accumulation, and Employment of Stock",

"Book III - Progress of Opulence in Different Nations",

"Book IV - System of Political Economy",

"Book V - Revenue and expense of Society"

and cover almost all areas of economic activities from international trade to taxes and income and expenditures of a social body.

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