Adam Smith was a key figure in the Scottish Enlightenment and tied to the French and
American Enlightenments which were crucial chapters in the story of modernity. Smith's
standing and influence were established early on. The publication of "The Theory of
Moral Sentiments" in 1759 quickly made him famous. Smith's only other published book,
"An Inquiry into the Nature and Causes of the Wealth of Nations" (published in 1776),
was similarly received and won the careful scrutiny of Bentham, Hegel, and Marx,
among the others. "The Wealth of Nations" clearly influenced thinkers in the American
Founding and has served as a touchstone in scholarly discussions about the workings and
protection of liberal economic arrangements.
"The Wealth of Nations" has among its chief aims the just and effective pursuit of wealth.
Smith's book is undoubtedly the most famous and enduring Enlightenment contribution
on this subject. The Enlightenment is closely tied to the liberation of the desire for
wealth, and so to commerce and the free market which are, according to Smith, the most
effective means to the satisfaction of that desire.
This desire to live better can be found earlier in Hobbes' works. Charles L.Griswold, Jr.1
in his book "Adam Smith and the Virtues of Enlightenment" gives some quotations from
Hobbes' Leviathan and emphasises that a person is nothing without what Hobbes calls
"perpetual tranquillity of mind". In other words, life is ceaselessly driven by desire,
anxiety, and fear; it is eternally filled with disturbance and disquiet. Without any
disturbances and misfortunes we could not possess real "felicity of mind". [...]
1 Charles L.Griswold, JR., Adam Smith and the Virtues of Enlightenment, Cambridge University Press,
1999, p. 219
Inhaltsverzeichnis (Table of Contents)
- Of the Accumulation of Capital, or of Productive and Unproductive Labour
- Of the Division of Labour
- Of the Accumulation of Capital
- Of the different Employments of Capitals
- Of Stock lent at Interest
- Of the different Employments of Capitals Continued
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
Adam Smith's "The Wealth of Nations" aims to understand and promote the effective pursuit of wealth in a just and equitable manner. The book argues that the liberation of the desire for wealth, facilitated by commerce and the free market, is essential for individual and societal prosperity.
- The Desire for Wealth and its Role in Human Nature
- The Relationship between Wealth, Happiness, and Tranquillity
- The Importance of Prudence and Self-Command in Capital Accumulation
- The Role of Productive and Unproductive Labor in Economic Growth
- The Impact of Durable Goods and Consumable Goods on Wealth Creation
Zusammenfassung der Kapitel (Chapter Summaries)
Chapter III of Book II, titled "Of the Accumulation of Capital, or of Productive and Unproductive Labour," begins by defining productive and unproductive labor. Smith argues that productive labor adds value to the subject upon which it is bestowed, while unproductive labor does not. He further examines the relationship between capital accumulation, economic growth, and the virtues of prudence and self-command, claiming that parsimony and the accumulation of durable goods contribute significantly to national wealth. He contrasts this with the detrimental effects of excessive expenditure on consumables and unproductive services, emphasizing the importance of efficient resource allocation for sustainable economic development.
Schlüsselwörter (Keywords)
Key themes in Adam Smith's "The Wealth of Nations" include the pursuit of wealth, the role of commerce and free markets, the virtues of prudence and self-command, the concept of productive and unproductive labor, and the impact of capital accumulation on economic growth. The text explores the relationship between individual desire, societal prosperity, and the moral framework underpinning economic activity.
- Quote paper
- Nataliya Gudz (Author), 2004, Adam Smith: The Wealth of Nations, Bk. 2, Ch.III,Of Accumulation of Capital, or of productive and unproductive labour, Munich, GRIN Verlag, https://www.grin.com/document/24820
