The Wealth of Nations |  | Author: Adam Smith
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Category: Book
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Rating:  46 reviews
Sales Rank: 11,355
Media: Paperback
Pages: 576
Number Of Items: 1
Shipping Weight (lbs): 1.8
Dimensions (in): 8.8 x 6 x 1.5
ISBN: 1420932063
Dewey Decimal Number: 332
EAN: 9781420932065
ASIN: 1420932063
Publication Date: January 1, 2009
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Product Description
The foundation for all modern economic thought and political economy, "The Wealth of Nations" is the magnum opus of Scottish economist Adam Smith, who introduces the world to the very idea of economics and capitalism in the modern sense of the words. Smith details his argument in the following five books: Book I. Of the Causes of Improvement in the productive Power of Labour, Book II. Of the Nature, Accumulation, and Employment of Stock Introduction, Book III. Of the Different Progress of Opulence in Different Nations, Book IV. Of Systems of Political Economy, and Book V. Of the Revenue of the Sovereign or Commonwealth; which taken together form a giant leap forward in the field of economics. A product of the "Age of Enlightenment", "The Wealth of Nations" is a must read for all who wish to gain a better understanding of the principles upon which all modern capitalistic economies have been founded and the process of wealth creation that is engendered by those principles.
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Showing reviews 1-5 of 46
 Go with Bantam February 12, 2007
Amazonian (Los Angeles, CA)
236 out of 238 found this review helpful
If you're wondering which Wealth of Nations to purchase, get the Bantam paperback. This is Smith's complete and unabridged final version of the Wealth of Nations. It provides footnotes on Smith's wording, the historical context, and the differences between Smith's 5th edition and previous editions. In addition, the margin of the pages contain useful notes which summarize Smith's writing. For the price, this is clearly the superior choice.
Now, if you're wondering whether you should undertake such an endeavor, let me just say that Adam Smith was a professor of rhetoric. He explains everything so precisely, yet so comprehensible. Smith's writing is by no means difficult; I actually found it a surprisingly easy read given its antique nature. Once you get through the first chapter, you get quite used to Smith's writing style. If you put adequate time and energy into it, it's not hard at all.
Foundations of micro and macroeconomics July 7, 2005
Rehan Dost (Canada)
147 out of 156 found this review helpful
Using a vast historical database and plenty of everyday examples Adam Smith lays the foundations of modern economics without the formalization which would come later.
He starts by exploring the need for specialization of labour once societies advance beyond the hunter gatherer phase. As a result each individual is incapable of sustaining his basic needs and thus must purchase these using his labour which Smith views as the source of all value. As a result demand and supply is created for such labour.
He makes the natural assumption that each individual pursues their best interests.
He foreshadows the concepts of marginal utility and scarcity in determining the shapes of demand curves for commodities. ( He never actually mentions curves ).
Similarly, he describes the three factors determining supply prices for commodities ( rent of land, wages and capital costs ) and the various factors which influence them ( the equivalent of modern supply/demand curves for each factor ).
He puts these together under ideal circumstances to show how supply and demand meet to clear markets ( equilibrium in modern language ).
He then turns to macroeconomics laying the foundations for GDP and shows how capital can be distributed to "unproductive labour" ( that labour used to maintain productive labour ) such as doctors lawyer entertainers etc and "productive labour" ( that labour used in the manufacture and distribution of raw and finished products ). He explores the consequences of various distribution of each from both the micro and macroeconomic perspective.
He concludes by emphasizing the importance of government in providing international and domestic security as well as providing public works and institutions especially education.
Naturally this requires state revenue and he devotes almost one entire "book" to taxes.
He delves briefly into political economy especially merchantilism and it's detrimental effects to society at large.
A great introduction to modern economics that is often missed in didactic lectures. This book gives the motivation for many modern economic concepts that is often lost in mathematical formalism.
Put on top of your reading list. July 3, 2006
Eduardo G. Veiga (Maryland, United States)
60 out of 66 found this review helpful
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.
Insights on the Fundamentals of Wealth August 21, 2006
Lim Kok Ching (Berkeley, CA USA)
31 out of 33 found this review helpful
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 of Adam Smith's ideas have been distorted by subsequent scholars, some of whom contorted his ideas to suit their own purposes, while others might have simply misunderstood. For example, in coining the word 'the Invisible Hand', Smith recommended free market competition as the foundation for progressive opulance. However, his implicit assumption was that people seeking their own benefits also embraced compassion and sympathy in their moral values. This 'moral value' part is often missing in contemporary economic analysis. As such, to gain an understanding of his complete doctrine, you should read this economics book together with his other book "The Theory of Moral Sentiments", which explores definitions of moral values and virtues.
Another issue worth mentioning is that lots of people thought that Capitalism was derived from Adam Smith's doctrine, and the current market economies in the USA is a descendent of this ideology. However, if we used his definitions and analysis to compare the current USA market system, you will find that parts of the US system seemed to match closer to the Merchantile System that Smith lambasted as inefficient and short-sighted.
A lot 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.
This book is an insightful 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 whether there is 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 good learning does not come easy. Spend the time to reflect on his reasonings and you will gain significantly from his wisdom. Not to forget that you should get a copy of his other book "The Theory of Moral Sentiments" to fully appreciate the Wealth of Nations.
On The Wealth of Nations November 30, 2004
Jeremy (Santa Monica, CA)
41 out of 49 found this review helpful
As a high school student with only a rudimentary understanding of economics, if even that, I found Adam Smith's book to be very informative. Having read it with great ignorance on the subject was able to learn a great deal about economic principles with more depth than "supply and demand dictate price". I found the ideas behind taxing to be simple but effective given their presentation as well as Smith's arguements for a free market economy. Reading this historical text has also helped placed into context his arguemnts against the mercantile system and the taxing of the American colonies because the depth that he goes into about said subjects is more than any history class that I have taken has allotted. For some the wording may seem dated or old or borring but for those who enjoy a more analytical style or writing, such as the style used in the translations of Roman philosophy texts, the writing style should not be a problem. The most intimidating aspect of this book is its size, an aspect which can easily be overcome if the reader finds the text engaging for the above reason. While I cannot say that it is a "must read" or a "required read" for an understanding of economics simply because of the ignorance which I still possess on the subject, I can say that it is an informative read that explains in depth, using cited examples, areas of economics that are easy to grasp if the reader enjoys the text. To conclude this, from my strictly ignorant (although less ignorant after reading this book) point of view, The Wealth of Nations is an informative and engaging book.
Showing reviews 1-5 of 46
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