An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
'_Euge! Belle!_ Dear Mr. Smith--I am much pleased with your
performance, and the perusal of it has taken me from a state of great
anxiety. It was a work of so much expectation, by yourself, by your
friends, and by the public, that I trembled for its appearance; but
am now much relieved; not but that the reading of it necessarily
requires so much attention, and the public is disposed to give so
little, that I shall still doubt for some time of its being at first
very popular. But it has depth, and solidity, and acuteness, and is
so much illustrated by curious facts, that it must at last take the
public attention. It is probably much improved by your last abode in
London. If you were here at my fireside, I should dispute some of
your principles. But these, and a hundred other points, are fit, only
to be discussed in conversation. I hope it will be soon, for I am in
a very bad state of health, and cannot afford a long delay.'
The publication of this great work drew praise to its author, indeed,
from many different quarters.--Dr. Barnard, in a political epistle,
addressed to Sir Joshua Reynolds, where the characteristic qualities of
some eminent literary men of that time are brought forward, spoke of
Smith as one who would teach him how to think. Gibbon made honourable
mention of him in his Roman history; and Mr. Fox contributed, in no
small degree, to extend his reputation, by observing in the House of
Commons, that 'the way, as my learned friend Dr. Adam Smith says, for a
nation, as well as an individual, to be rich, is for both to live within
their income.'
The opinion which Dr. Johnson delivered, at that time, on its being
alleged by Sir John Pringle, that a person who, like Dr. Smith, was not
practically acquainted with trade, could not be qualified to write on
that subject, may also be mentioned here, though somewhat erroneous, as
far as it respects the received doctrines of Political Economy:--'He is
mistaken,' said Johnson. 'A man who has never been engaged in trade
himself, may undoubtedly write well on trade; and there is nothing which
requires more to be illustrated by philosophy than trade does. As to
mere wealth, that is to say, money, it is clear that one nation, or one
individual, cannot increase its store but by making another poorer; but
trade procures what is more valuable, the reciprocation of the peculiar
advantages of different countries. A merchant seldom thinks of any but
his own trade. To write a good book upon it, a man must have extensive
views. It is not necessary to have practised, to write well upon a
subject.'[2]
Public-domain text, read in full here on John Shaqi.
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