ADAM SMITH, WEALTH OF NATIONS, 1911, HAYEK’S COPY WITH UNDERLINING AND MARGINALIA
ADAM SMITH, WEALTH OF NATIONS, 1911, HAYEK’S COPY WITH UNDERLINING AND MARGINALIA
ADAM SMITH, WEALTH OF NATIONS, 1911, HAYEK’S COPY WITH UNDERLINING AND MARGINALIA
ADAM SMITH, WEALTH OF NATIONS, 1911, HAYEK’S COPY WITH UNDERLINING AND MARGINALIA
6

ADAM SMITH, WEALTH OF NATIONS, 1911, HAYEK’S COPY WITH UNDERLINING AND MARGINALIA

Estimate: 3,000 - 5,000 GBP

ADAM SMITH, WEALTH OF NATIONS, 1911, HAYEK’S COPY WITH UNDERLINING AND MARGINALIA

Estimate: 3,000 - 5,000 GBP

Lot Sold:150,000GBP

Lot Details

Description

ADAM SMITH

AN INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS. LONDON: J.M. DENT & SONS, 1911


2 volumes, 8vo, Everyman's edition, reprint, underlining, marginalia and minor annotations throughout, including Hayek's own paper book marks throughout the volumes, grey green cloth, spine gilt, printed endpapers


Hayek’s underlining includes phrases from the first paragraph of Chapter II which reads “This division of labour, from which so many advantages are derived, is not originally the effect of any human wisdom, which foresees and intends that general opulence to which it gives occasion. It is the necessary, through very slow and gradual consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter, and exchange one thing for another.” (p.12) and later “it is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” (p.13).


As the father of economics, Smith laid the foundations not just for the free market economy, but the study of economic theory itself. Hayek later wrote in his 1948 work Individualism and Economic Order, “The main merit of the individualism which [Adam Smith] and his contemporaries advocated, is that it is a system under which bad men can do least harm. It is a social system which does not depend for its functioning on our finding good men for running it, or all men becoming better than they now are, but which makes use of men in all their given variety and complexities, sometimes good, sometimes bad, sometimes intelligent, more often stupid.”


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Condition Report

Minor internal wear, spine splitting, rubbed


Please note, Condition 11 of the Conditions of Business for Buyers (Online Only) is not applicable to this lot.


The lot is sold in the condition it is in at the time of sale. The condition report is provided to assist you with assessing the condition of the lot and is for guidance only. Any reference to condition in the condition report for the lot does not amount to a full description of condition. The images of the lot form part of the condition report for the lot provided by Sotheby's. Certain images of the lot provided online may not accurately reflect the actual condition of the lot. In particular, the online images may represent colours and shades which are different to the lot's actual colour and shades. The condition report for the lot may make reference to particular imperfections of the lot but you should note that the lot may have other faults not expressly referred to in the condition report for the lot or shown in the online images of the lot. The condition report may not refer to all faults, restoration, alteration or adaptation because Sotheby's is not a professional conservator or restorer but rather the condition report is a statement of opinion genuinely held by Sotheby's. For that reason, Sotheby's condition report is not an alternative to taking your own professional advice regarding the condition of the lot.

Friedrich von Hayek: His Nobel Prize and Family Collection
Online bidding closed19 Mar 2019 | 03:55 PM GMT