An Inquiry Into the Nature and Causes of the Wealth of Nations - Book 1, Chapter 3 Summary & Analysis

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Book 1, Chapter 3 Summary and Analysis

The author provides important information throughout the experience. He includes some prevalent points. In chapter 4 he shows that what is so vital to making this form of economy work is that an individual produces far beyond his or her capacity for consumption and then trades off the excess - everything that goes beyond his own consumption, to the others in the same community. The author also includes that one of the first official forms of exchange was cattle. Anything traded for cattle could be valued and this value calculated by cattle. He goes on to show how this can be awkward as if he wants to buy salt using livestock, as he will have to buy as much as the value of the item used to pay. Next the author describes the origin of money. William the Conqueror began...

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This section contains 424 words
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