Important acquisitions

The essential principles of the wealth of nations.

Author Gray, John.
Title The essential principles of the wealth of nations.
Imprint London: T. Cadell
Date of Publication 1797
Language English
Notes This is one of the earliest critiques of Adam Smith's seminal economic text 'An inquiry into the nature and causes of the wealth of nations' (1776). Gray criticises Smith's work on a number of counts: he accuses Smith of misinterpreting the French economists' viewpoint on labour and productivity. Gray maintained that the French had in fact recognised that not all the so-called unproductive classes were barren to the same degree. Gray also argued that Smith was wrong to state that the manufacturing industry alone was responsible for contributing to Britain's real national wealth, saying that agriculture was the only true source of wealth. There is some Scottish content in the form of the appendix, which consists of a general plan of a lease by Henry Home, Lord Kaimes, "with remarks upon it by Dr. Anderson in his agricultural report for the county of Aberdeen". Coincidentally, Kaimes was Smith's literary patron. Very little is known about John Gray to whom this work, published anonymously in 1797, is attributed. He may have lived from 1724-1811 - obituary notices in contemporary periodicals merely state that he died in May 1811 in his 88th year and that he had been one of the Commissioners of the Lottery. John Gray may have been assistant private secretary to the Duke of Northumberland in Ireland in 1763 and 1764 and 'An essay concerning the establishment of a national bank in Ireland' (1774) may have been written by him. The Library of Congress catalogue attributes to Gray 'The right of the British legislature to tax the American colonies' (1775). However, Palgrave's 'Dictionary of economics' attributes 'The essential principles' to Simon Gray (fl.1795-1840).
Shelfmark RB.s.2578
Reference Sources The New Palgrave: a dictionary of economics, vol.II, 1987. Papers of the Bibliographical Society of America, vol.46, 1952, p.275-6.
Acquired on 04/07/05
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