An Inquiry into the Nature and Causes of the Wealth of Nations

This work analyzes how a nation's annual labour produces necessities and conveniences and how skill and the allocation of labour determine productive capacity. It traces how the division of labour raises productivity while being limited by the extent of markets, explains the origin and use of money, and distinguishes between real and nominal prices and the components of commodity cost. It examines how output is distributed among wages, profits, and rent, explores the nature and accumulation of capital and stock, and compares the differing progress of urban and rural industry. It critiques mercantile and agricultural economic systems, evaluates trade restraints, colonies, bounties, and fiscal incentives, and concludes with discussion of public revenue, taxation, and public debt.