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An inquiry into the nature and causes of the wealth of nations (The Harvard classics)
A short note for those about to enter into the world of Adam Smith - Take time to examine Book V, parts I-III. You'll notice that Smith, quite contrary to his Laisse-faire proponants, is elucidating the beginnings of Keynes, rather than the Milton Freeman view. "The duty of the sovereign or commonwealth is that of erecting and maintaining those public institutions and those public works, which...[are] of such a nature, that the profit could never repay the expanse to any individual or small number of individuals, and which it therefore cannot be expected that any individual or small number of individuals should erect or maintain." (Smith, Adam The Wealth of Nations, pg. 681)
An inquiry into the nature and causes of the wealth of nations (The Harvard classics)
Great study material - very difficult read, but a must read that should be taught in high school.Buy this if you support free trade, less government, and the American dream. Beware, this books represents everything a liberal opposes, ideals which are deeply hated by those who support liberal gods like Barak Hussein Obama and Miss H. Rodham.
An inquiry into the nature and causes of the wealth of nations (The Harvard classics)
Though Smith's "Wealth of Nations" is a true classic written in lucid English, and the foundation of our modern economy, I cannot say that it is all-too-important for most people to read this book. Weighing in 700+ pages for a typical printing, this work is not a quick and easy read by any stretch of the imagination. Many of Smith's great metaphors are found in the first quarter of the book, and I felt bored reading the latter parts. It is not that Smith was wrong, by any means, but rather that many of his arguments are now well-accepted and can be demonstrated in much more succinct manners. I feel that Smith's multitudes of examples are not particularly important to the average man.With that said, I reiterate that this is an important work that should be understood by everyone - but this does not necessarily mean reading all of it. For anyone studying economics, of course, this work is the bread and butter of your field - and is a must read.
An inquiry into the nature and causes of the wealth of nations (The Harvard classics)
Some books have entered so deeply into our culture that they affect the way we think whether or not we have read them. The Wealth of Nations is certainly one of these books. And like most such books - the Bible, Shakespeare, the works of Freud or Jung, the Bill of Rights - the Wealth of Nations does not say what you think it does.The fact is, those who most earnestly revere Adam Smith are not always those who have read his works most carefully. Which is why reading The Wealth of Nations is important for those who think about the role of capitalism and free markets in our nations and in our world.
An inquiry into the nature and causes of the wealth of nations (The Harvard classics)
I waited until 40+ years after I studied economics in college to get around to reading Wealth of Nations. (It wasn't on the syllabus). Definitely my loss. Is it an easy read? No, but this Kindle edition has modernized spelling and lost the random capitalization. The vocabulary is be a little challenging, but that's why your Kindle has a dictionary built in - and you may also need Google, as I did, for some of the more obscure usages. A little background in 17th-18th century British history also helps. I recommend making plenty of notes in your Kindle as you go.Smith compares/contrasts the economies of hunter-gatherer, nomadic and warrior civilizations, as well as feudal and mercantilist economies, and outlines a free-trade system which he would like to see, which we call "capitalism". Unfortunately, it seems to me that the mercantile system has prevailed in the long run, at least as far as international trade is concerned. He makes considerable use of historical examples as well as contemporary (to him) events, and he seems ambivalent about the prospects for the American colonies which were then in revolt.Wordy? A little repetitive? Yes, Smith could have used a good editor. But not to be missed. And a serious bargain at this price.
An inquiry into the nature and causes of the wealth of nations (The Harvard classics)
I give this book 5 stars only because Amazon won't let me give it 6.I just finished reading this book a few moments ago. All I can say is "genius." It is of interest not only to the student of economics, but also of history and philosophy. I read this book because I was told that it is widely considered to be the foundation of modern economics. As I am starting a private study in this area, I felt this was a good place to start. If you are starting a study on economics START HERE! Adam Smith ties very abstract concepts to real-life examples that are understandable even today.I read somewhere that this book changed the world. Without knowing more about the period, I cannot say whether it did or not-but based on the magnificence and scope of this work, I believe it could be true. I can see the imprint of Adam Smith everywhere in modern economics-even in Karl Marx cites him! If you read my other reviews, you will see that I have never said this before-so understand, I do NOT say this lightly: This book has truly enriched my understanding of the world around me-and opened my eyes to things that I did not previously understand. Yes-this book changed my outlook on life!You know you are reading a work of timeless genius when you can apply directly what a man wrote in 1776 to the year 2010.If you are considering buying this book be aware of a few things:1) This book was published in 1776-and uses 1776 english. It's a little tough to follow at first, but you get used to it. If you've read America's founding fathers it really constitutes NO difficulty2) Despite the language, this book is VERY readable. His examples are understandable and the structure of the book makes it easy to follow him from point to point.3) This book is HUGE. This version (Bantam Classics) has 1208 pages.4) I wish Bantam would have given more room for notes in the margin.A few other observations about this book-* I was AMAZED by how different banking and financing were in the 1770s.* This book illustrates in SO many ways that people haven't changed AT ALL-very interesting - and amusing to see that illustrated over and over again.* Be prepared for an unrelating (and very convincing) argument for completely free trade.* Some of his digressions (especially the one on corn) were a little tough to get through.* He is SO honest in this book. In a day when pro-business talking heads will excuse any excess-Adam Smith has NO problem taking certain business practices to task. This book taught me, an Unrepentant Capitalist Pig that it is not only OK, but desirable to denounce bad business practices.* I feel a lot of the material in this book shows that a "gold standard" currency is not the magic bullet that many people today pretend it to be. (not that it's bad-but gold standard has it's own problems)* I feel the material in this book (specifically book 5) could be used to make a strong argument FOR the Fair tax (National Sales Tax)* The arguments he makes about the colonies in North America (us) are VERY surprising. I don't want to spoil it-but I had to re-read it a few times to make sure I understood what he said. - His argument makes sense, but I didn't see it coming.* Being a proud Pennsylvania resident, I was excited to see all the Pennsylvania references.* This book should be REQUIRED reading for any politician who will be assuming elected office. (Especially our current President)