An Inquiry into the Nature and Origin of Public Wealth,

first edition

The first edition of this important commentary on Adam Smith's Wealth of Nations by the Scottish peer, James Maitland, 8th Earl of Lauderdale (1759-1830).

Lauderdale's Inquiry into the Nature and Origin of Public Wealth is credited with being one of the first works to draw attention to the inverse correlation between public wealth and private wealth, a core tenet of Keynesian theory.

In particular, Lauderdale 'questioned Smith's theory of the relationship between labour and value, maintaining that wealth was a compound of labour, land, and capital, and value was a compound of utility and scarcity. He argued that capital was capable of harnessing productive labour to make profits by meeting market demand, and that such profits resulted only when there were no legislative restraints on commerce and no burdens, such as Pitt's sinking fund to redeem the national debt' (ODNB).

First edition; 8vo (21.5 x 14 cm); half-title, folding letterpress table to rear, bookplate to front pastedown, old library notes in pencil to title verso, slightly toned, with some light perimeter staining; contemporary sprinkled calf, rebacked, contrasting red morocco lettering-piece to spine; [10], 482pp.