The Wealth of Nations 
asked by avi on November 20, 2006 8:18 AM
The Wealth of Nations
by Adam Smith
It is symbolic that Adam Smith’s masterpiece of economic analysis, The Wealth of Nations, was first published in 1776, the same year as the Declaration of Independence.
In his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services. He argued passionately in favor of free trade, yet stood up for the little guy. The Wealth of Nations provided the first--and still the most eloquent--integrated description of the workings of a market economy.
The result of Smith’s efforts is a witty, highly readable work of genius filled with prescient theories that form the basis of a thriving capitalist system. This unabridged edition offers the modern reader a fresh look at a timeless and seminal work that revolutionized the way governments and individuals view the creation and dispersion of wealth--and that continues to influence our economy right up to the present day.
by Adam Smith
It is symbolic that Adam Smith’s masterpiece of economic analysis, The Wealth of Nations, was first published in 1776, the same year as the Declaration of Independence.
In his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services. He argued passionately in favor of free trade, yet stood up for the little guy. The Wealth of Nations provided the first--and still the most eloquent--integrated description of the workings of a market economy.
The result of Smith’s efforts is a witty, highly readable work of genius filled with prescient theories that form the basis of a thriving capitalist system. This unabridged edition offers the modern reader a fresh look at a timeless and seminal work that revolutionized the way governments and individuals view the creation and dispersion of wealth--and that continues to influence our economy right up to the present day.
Reviews
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The works of Adam Smith are an essential part of universal culture, especially for economics. The introduction to the book places you at the time it was written, which makes it even more valuable.
reviewed by redsink on November 29, 2006 3:48 AM
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This book is a modeling exercise about the components of a nation's wealth, whereby: Wealth of Nations = Land + Labour + Stock (ie Capital accumulated). This model serves as the foundation of the arguments in the entire book; and an excellent guide to analyze our modern market economies. Smith touches on various topics, ranging from market economics, history of colony establishments, state of opulence (briefly describing China in the 18th century), and of human nature and behavior in general.
Much has been said about Smith's keen observations and eloquent quotes, however, most failed to mention his uncanny sense of humor. For example, in discussing about labor compensation, Smith remarked that "The public admiration which attends upon such distinguished abilities, makes always a part of their rewards; a greater or smaller in proportion as it is higher or lower in degree. It makes a considerable part of that reward in the profession of physics; a still greater perhaps in that of law; in poetry and philosophy it makes almost the whole."; when taken into contexts that Smith is a Scholar in Philosophy, and hence should expect `public admiration' as his total compensation package, this sentence is almost hilarious. (it probably takes a nerb to appreciate this joke...)
This book is an interesting read, albeit one that requires much pondering. It took Adam Smith ten years to complete the first edition of Wealth of Nations, hence I would strongly recommend taking a slow pace in this exploration of his wisdom.
You might ask,'is there an easier way to read this book? perhaps through some summary others wrote?'
My opinion is really not to do that, because the gist of this book is on the thinking process, and not the specific content. Emphasis has to be on the understanding of the logical analysis and factor identification process that is happening inside Adam Smith's head. This is where you will learn most from reading this book.
Much has been said about Smith's keen observations and eloquent quotes, however, most failed to mention his uncanny sense of humor. For example, in discussing about labor compensation, Smith remarked that "The public admiration which attends upon such distinguished abilities, makes always a part of their rewards; a greater or smaller in proportion as it is higher or lower in degree. It makes a considerable part of that reward in the profession of physics; a still greater perhaps in that of law; in poetry and philosophy it makes almost the whole."; when taken into contexts that Smith is a Scholar in Philosophy, and hence should expect `public admiration' as his total compensation package, this sentence is almost hilarious. (it probably takes a nerb to appreciate this joke...)
This book is an interesting read, albeit one that requires much pondering. It took Adam Smith ten years to complete the first edition of Wealth of Nations, hence I would strongly recommend taking a slow pace in this exploration of his wisdom.
You might ask,'is there an easier way to read this book? perhaps through some summary others wrote?'
My opinion is really not to do that, because the gist of this book is on the thinking process, and not the specific content. Emphasis has to be on the understanding of the logical analysis and factor identification process that is happening inside Adam Smith's head. This is where you will learn most from reading this book.
reviewed by vegaswinner on November 29, 2006 3:41 PM
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A classic... mandatory but pleasant reading if you are into Economics... not boring despite the size. Read with a pencil handy to highlight the too many good quotes. Get the Bantam Classics edition--cheap, small and unabridged (doesn't get much better than this). Mind boggling how good Adam Smith is.
reviewed by advisor on November 29, 2006 7:28 PM