Eighth Edition. Three volumes. Octavo. Bound in full contemporary full calf with gilt rules to spines, volume numbers and titles on tan morocco title labels. Paper labels to the each spine end. Blind rules to turn ins. A fine set, the binding in excellent and unrepaired condition, with just a little rubbing to extremities and a few light scuffs to boards. Vol. I with a small short closed tear to top edge of A2, Vol. II with a closed tear to the second blank, Vol. III with a marginal split to DD8 which does not impede the text. Occasional light finger marks or spots of foxing to pages, but overall an exceptionally fresh, well preserved copy.

Critically regarded as the founding work of modern economic thought, Adam Smith (1723-1790) began writing his magnum opus in Toulouse in 1763 spending the next decade in perfecting it. The first edition was published in two octavo volumes in 1776, changing format to a more manageable three octavo volumes with the third edition of 1784. In all there were nine eighteenth century editions, all of which are now uncommon in nice contemporary condition.
"The history of economic theory up to the end of the nineteenth century consists of two parts: the mercantilist phase which was based not so much on a doctrine as on a system of practice which grew out of social conditions; and the second phase which saw the development of the theory that the individual had the right to be unimpeded in the exercise of economic activity. While it cannot be said that Smith invented the latter theory..his work is the first major expression of it. He begins with the thought that labour is the source from which a nation derives what is necessary to it. The improvement of the division of labour is the measure of productivity and in it lies the human propensity to barter and exchange..Labour represents the three essential elements—wages, profit and rent—and these three also constitute income. From the working of the economy, Smith passes to its matter—'stock'—which compasses all that man owns either for his own consumption or for the return which it brings him. The Wealth of Nations ends with a history of economic development, a definitive onslaught on the mercantile system, and some prophetic speculations on the limits of economic control. The Wealth of Nations is not a system, but as a provisional analysis it is complete convincing. The certainty of its criticism and its grasp of human nature have made it the first and greatest classic of modern economic thought" (PMM)

PROVENANCE: From the library of Sir James Gordon Baronet of Letterfourie, his bookplate to each volume.

Stock ID: 46559