[Adam Smith was] a higher above all genius (...) who had recognized some mistakes of the mercantile and physiocrats systems, put new principles of a … - Fryderyk Skarbek

[The national economy is] a set of powers and ways used by a nation to keep and improve physical existence of its members... Moral good of a nation is a consequence of its education, and its physical good is a result of national economy.

The powers inherent in man are his intelligence and his physical capacity for work. Those which arise from the condition of society consist of the capacity to divide up labour and to distribute different jobs amongst different People ... and the power to exchange mutual services and the products which constitute these means. The motive which impels a man to give his services to another is self -interest- he requires a reward for the services rendered. The right of exclusive private property is indispensable to the establishment of exchange amongst men... Exchange and division of labour reciprocally condition each other.

Adam Smith, Say, and especially C. J. Kraus, one of the best teachers of Adam Smith’s theory, are my guides. The aim of my work is to present, in my own arrangement, their writings and thoughts clearly and plainly, together with some of my own observations.