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Treatises on Economics: Wealth of Nations & Principles of Economics (Abridged) Kindle Edition

by Adam Smith (Author), Alfred Marshall (Author) Format: Kindle Edition

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Treatises on Economics is a compendium of two very important treatises on economics which were developed during the Industrial Revolution. The Wealth of Nations (1776) was written by Adam Smith, a classical economist who served as the Commissioner of Customs of Scotland. The Principles of Economics (1890) was written by Alfred Marshall, a philosopher and an economist who founded the neoclassical economic theory.

In The Wealth of Nations, Adam Smith theorized that some nations have access to wealth through key factors that dominate the national economy. Primarily, a nation’s wealth is largely based on its national productivity, its balance of trade, as well as the proper employment of capital. Adam Smith also believed that the proper administration of the national public trust-- namely its gold and silver reserves, taxation and public debt--were essential to any nation’s survival. “If a nation cannot raise its revenue in proportion to its expense, it ought at least to accommodate its expense to its revenue.”

In the Principles of Economics, Alfred Marshall presents a comprehensive theory of consumption and production. His consumption and production theories include, consumer demand, utility, marginal utility, costs of production and marginal cost. His market theories include the laws of supply and demand, price equilibrium and price theory. Alfred Marshall’s theories on production, consumption and market price are the foundations of modern economic theories that are still widely used today.