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The Wealth of Nations was the product of seventeen years of notes and earlier studies, as well as an observation of conversation among economists of the time (like Nicholas Magens) concerning economic and societal conditions during the beginning of the Industrial Revolution, and it took Smith some ten years to produce. [8]
It consists of two sets of lecture notes that were apparently taken from Smith's lectures of the 1760s, along with an 'Early Draft' of The Wealth of Nations. The same material had also appeared as An Early Draft of Part of The Wealth of Nations and as Lectures on Justice, Police, Revenue and Arms .
IQ and the Wealth of Nations is a 2002 book by psychologist Richard Lynn and political scientist Tatu Vanhanen. [1] The authors argue that differences in national income (in the form of per capita gross domestic product ) are correlated with differences in the average national intelligence quotient (IQ).
Smith also stated that the wealth of nations depends upon the goods and services available to their citizens, rather than their gold reserves. [ 5 ] Because Smith only focused on comparing labor productivities to determine absolute advantage, he did not develop the concept of comparative advantage . [ 3 ]
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His background, like ours today, was private enterprise; but any dogma of non-intervention by government has to make heavy weather in The Wealth of Nations. [ 29 ] Harvard economist Stephen Marglin argues that while the "invisible hand" is the "most enduring phrase in Smith's entire work", it is "also the most misunderstood."
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The Wealth and Poverty of Nations; The Wealth of Nations; Wealth, Virtual Wealth and Debt; Why Nations Fail; Winners Take All: The Elite Charade of Changing the World