Treatises on Economics is a compendium of two very important treatises on economics which were developed during the Industrial Revolution. The Wealth of Nations (1776) was written by Adam Smith, a classical economist who served as the Commissioner of Customs of Scotland. The Principles of Economics (1890) was written by Alfred Marshall, a philosopher and an economist who founded the neoclassical economic theory.
In The Wealth of Nations, Adam Smith theorized that some nations have access to wealth through key factors that dominate the national economy. Primarily, a nationÕs wealth is largely based on its national productivity, its balance of trade, as well as the proper employment of capital.
In the Principles of Economics, Alfred Marshall presents a comprehensive theory of consumption and production. Alfred MarshallÕs theories on production, consumption and market price are still widely used today.