Introduction by Robert Reich
Commentary by R. H. Campbell and A. S. Skinner
Adam Smith’s masterpiece,...
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Apr 17, 2008
Scott
rated it: 
For a truth, about 3/4 of this book is 18th century blabber about corn prices. Of the remaining 1/4, about 1/2 is criticism of mercantilsm, which is mostly obvious and definitely boring.
The remaining 1/8 of the book, however, is worth fighting through the rest for. Even if you've heard the explanation of the "invisible hand" a thousand times, there is something magical about reading the actual words by the father himself:
"It is not from the benevolence of More...
The remaining 1/8 of the book, however, is worth fighting through the rest for. Even if you've heard the explanation of the "invisible hand" a thousand times, there is something magical about reading the actual words by the father himself:
"It is not from the benevolence of More...
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Jul 19, 2010
Erik
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A prideful and ambitious boy, hearing that President Kennedy had been a speed reader, I cut lawns and shovelled walks to pay for an Evelyn Wood Reading Dynamics program. We met in the spare basement of the hideous modern structure that passed for Park Ridge's "Inn"--a residence primarily for attendants and pilots from the airlines utilizing nearby O'Hare International Airport. I was a sophomore, the youngest in class, quite serious and full of myself.
The Wood method consi More...
The Wood method consi More...
6 comments
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(6 people liked it)
Apr 24, 2008
Anne
rated it:
How can one go through life without reading the Wealth of Nations?
Adam Smith had the idea of modern economics before the United States was even sovereign (I go not so much for good writers, as I do for innovative and groundbreaking thinkers). Imagine coming up with your own idea of an economic system long before the world was ready. And unlike Marx, may I mention, Smith's ideals are not only flourishing and still seen today, but they are the foundation of the many, many economies an More...
Adam Smith had the idea of modern economics before the United States was even sovereign (I go not so much for good writers, as I do for innovative and groundbreaking thinkers). Imagine coming up with your own idea of an economic system long before the world was ready. And unlike Marx, may I mention, Smith's ideals are not only flourishing and still seen today, but they are the foundation of the many, many economies an More...
Apr 19, 2009
Richard
rated it: 
"The Wealth of Nations" is the book that changed greed to a virtue instead of a sin.
In fact, greed is one of the Seven Deadly Sins in Christian theology. Greed is a sin in ALL the great religions, including Judaism, Islam, Hinduism, Zen Buddhism, Buddhism, American Indian Spiritualism, Wiccan nature love, Bahá'í Faith, Gnosticism · · Rastafari,Samaritanism, Indian Ayyavazhi, Jainism, Sikhism Iranian Ahl-e Haqq, Manichaeism, Mazdak, Yazidi,Zoroastrianism, East Asian Confu More...
In fact, greed is one of the Seven Deadly Sins in Christian theology. Greed is a sin in ALL the great religions, including Judaism, Islam, Hinduism, Zen Buddhism, Buddhism, American Indian Spiritualism, Wiccan nature love, Bahá'í Faith, Gnosticism · · Rastafari,Samaritanism, Indian Ayyavazhi, Jainism, Sikhism Iranian Ahl-e Haqq, Manichaeism, Mazdak, Yazidi,Zoroastrianism, East Asian Confu More...
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Nov 15, 2011
Jacqueline
rated it:
Always a great classic on economics. His one fatal flaw was opening the door for Marx. By placing value based on labor, laborers feel they are the ones that deserve all the reward. Labor means nothing if no one wants the item being produced. The free market drives price, not the amount of labor put into a product.
Great chance to see and understand how economics developed.
Great chance to see and understand how economics developed.
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Jan 07, 2009
Scott
rated it: 
~Incredibly~ relevant for its impact and views on the time. Smith was incredibly insightful, and had much to say which applied to his application to the state-church influence on commerce, where individual economic freedom applied and how individual decisions weighed into meta-systemic concepts.
What I find baffling is the way many treat it as universal scripture instead of ideas to test and a view on a slice of time. Smith did not venture to produce a tome for all times nor a treat More...
What I find baffling is the way many treat it as universal scripture instead of ideas to test and a view on a slice of time. Smith did not venture to produce a tome for all times nor a treat More...
Aug 02, 2011
kevin
rated it:
The Wealth of Nations is an overview of economics by the Scottish philosopher Adam Smith around the time of the American Revolution. At the time of the writing, the popular ideology of economics was mercantilism - that is, countries should export as much products and import as much gold as possible. Hence, the somewhat strange title of the book. (The fact that "capitalism" and "economics" were not common phrases at the times doesn't help either)
Much of what the book says conf More...
Much of what the book says conf More...
Feb 09, 2011
Emre
rated it: 
I would say that this is the most overrated book in economics. That does not mean that this book is without its merits, but I was definitely frustrated. Let me tell you why:
1. Smith, in various places in the book, criticizes merchantilists and others. However, since the average reader (even the average economist) has no knowledge of merchantilists and physiocrats, all his comments SEEM correct, whereas in fact they are just simplistic and unfair (merchantilists never confused wealth More...
1. Smith, in various places in the book, criticizes merchantilists and others. However, since the average reader (even the average economist) has no knowledge of merchantilists and physiocrats, all his comments SEEM correct, whereas in fact they are just simplistic and unfair (merchantilists never confused wealth More...
Oct 04, 2010
getAbstract
rated it:
Seminal work from the father of economics
getAbstract believes that no serious economist can do without this exhaustive work, originally published in five volumes as An Inquiry into the Nature and Causes of the Wealth of Nations. This classic is a pragmatic and accessible milestone in the history of economics. Its author, Adam Smith, is woven into every economics textbook. However, Smith’s theories, which today often are recounted mostly in fragments, frequently incorrectly, reveal thei More...
getAbstract believes that no serious economist can do without this exhaustive work, originally published in five volumes as An Inquiry into the Nature and Causes of the Wealth of Nations. This classic is a pragmatic and accessible milestone in the history of economics. Its author, Adam Smith, is woven into every economics textbook. However, Smith’s theories, which today often are recounted mostly in fragments, frequently incorrectly, reveal thei More...
Aug 12, 2010
Tom
rated it:
I enjoyed and was continually amazed by the thoroughness and comprehensiveness of the discussion. The book, despite its age, is still relevant today - you can see his warnings in many current debates and situations. It was also interesting to see a different perspective on the American Revolution. More than a book about the economics of nations, it is also a detailed look at history, sociology, governance, and international relations. Economics meets anthropology?
It is not for the f More...
It is not for the f More...
Apr 16, 2010
Jim
rated it:
Smith's magnum opus is an exceedingly important, fairly ponderous work. A must-read for anyone who wants to understand theories of capitalism or to be an informed critic of its present-day abuses, largely committed by people who claim to be capitalism's champions. One gets the feeling that most of the people who cite Smith to support their beliefs ahve never actually read Smith.
And, really, who would, unless they were assigned it or felt a burning need to understand economic ideas.
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And, really, who would, unless they were assigned it or felt a burning need to understand economic ideas.
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Nov 15, 2009
Dan
rated it:
We know from experience that Smith's system is not complete unto itself. In fact, Smith himself would probably have admitted this. His references to ancient history and political philosophy would seem to show not only that he accepted that the territory of "statecraft" is not entirely contained within the borders of classical economics but also that he accepted the State's place alongside the Market as a fundamental, primordial feature of social existence.
That much being sa More...
That much being sa More...
Sep 21, 2009
Julie
rated it:
My Summary:
The natural processes of a successful economy are found in Adam Smith’s Wealth of Nations. Although two hundred plus years old, Smith focuses on significantly profound and pertinent principles for any age. Stressing that regulations tend to limit prosperity and production, his extensive research of history and economics proves that a free market is an effective system in producing a wealthy nation. “The object of political economy of every country is to increase the riches and More...
The natural processes of a successful economy are found in Adam Smith’s Wealth of Nations. Although two hundred plus years old, Smith focuses on significantly profound and pertinent principles for any age. Stressing that regulations tend to limit prosperity and production, his extensive research of history and economics proves that a free market is an effective system in producing a wealthy nation. “The object of political economy of every country is to increase the riches and More...
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Jul 25, 2009
Howard
rated it:
There is a good reason why this is the only work on economics that is in the canon of Great Books. Smith was not just writing to promote his free market ideology. He was also exploring the manner in which human societies organize themselves to make use of their resources and human capital. Along with his famous insights about the division of labor and the invisible hand of the marketplace, Smith also covers banking, capital formation, the rise of towns, the role of agriculture, the proper and i
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May 13, 2011
Ryan
rated it:
This is the work, published in 1776, that transformed the economy of the Western world from mercantilism to capitalism, setting the stage for the global economy today. Adam Smith, a Scottish economist, purposely coincided the publishing of his book with the founding of the United States of America, which he determined would be the principal laboratory for his grand economic experiment. Smart guy...
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Aug 05, 2011
One thing to keep in mind is that Smith wrote in a time of slow travel and before industrialization. Some of his examples are dated.
There are a few things in the book that didn't make much sense to me. Here are two that immediately come to mind:
His explanation of price seemed more about what goes into the costs of producing something. The price
is what the market will bear.
He talks in the section on taxes about how land rent taxes don't affect house rents. I don't see how this is possible unl More...
There are a few things in the book that didn't make much sense to me. Here are two that immediately come to mind:
His explanation of price seemed more about what goes into the costs of producing something. The price
is what the market will bear.
He talks in the section on taxes about how land rent taxes don't affect house rents. I don't see how this is possible unl More...
Feb 08, 2010
Longanlon
rated it:
Тази книга е ГОЛЯМА не защото ще получите кой-знае колко много икономически познания от Адам Смит. Така или иначе, ако разбирате от икономика, нищо ново няма да видите в нея, а ако не разбирате - едва ли ще се хванете да четете над 1000 странична книга от 18 век.
"Богатството на народите" е важна книга заради простия език и елементарните примери, с които борави, за да покаже икономическите отношения и принципите, които те следват, като нещо съвсем делнично, нормално, житейск More...
"Богатството на народите" е важна книга заради простия език и елементарните примери, с които борави, за да покаже икономическите отношения и принципите, които те следват, като нещо съвсем делнично, нормално, житейск More...
Nov 09, 2010
This is a good unabridged edition.
The work itself is accessible to a non-economist - being the foundation of the modern tradition, it assumes no prior knowledge. It's written in the lucid, straightforward style that seems common to 18th century British thinkers. If you enjoy David Hume for instance, you'll like Smith. The two were friends and write similarly.
It's a long work, and gets more technically tedious after the first Book (about 250 pages), but if you're intereste More...
The work itself is accessible to a non-economist - being the foundation of the modern tradition, it assumes no prior knowledge. It's written in the lucid, straightforward style that seems common to 18th century British thinkers. If you enjoy David Hume for instance, you'll like Smith. The two were friends and write similarly.
It's a long work, and gets more technically tedious after the first Book (about 250 pages), but if you're intereste More...
Oct 19, 2010
Michelle
rated it:
Up there with the Bible as one of the most misquoted books of all time? I strongly suspect that most people who believe themselves to be disciples of Adam Smith have never actually read this book. Adam had no time for theoretical economic models and doctrinaire dog-eat-dog free market dogma. He was an empiricist and a moralist who believed people should be given the opportunity to make the best of themselves, but that the most vulnerable members of society should be taken care of by the group.
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Jun 30, 2009
Joe
rated it:
Bible of free market economics. By reading this, you start to analyze simple things in a way that sheds light on potential economic opportunity. After all, the free market is about people and nations having the right to pursue activities that wealth.
This book breaks down commonplace situations that involve making money, then shows the components that affect that situation. The legal environment, the population, the natural resources, etc... By understanding these components, one More...
This book breaks down commonplace situations that involve making money, then shows the components that affect that situation. The legal environment, the population, the natural resources, etc... By understanding these components, one More...
Nov 30, 2008
Helped me understand the fundamental framework for the ecomonic systems that are in place today (and breaking down). Looked for parallels in what needs to happen today to correct current economic woes. What is the new economy? Who are the new Adam Smith's?
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Aug 17, 2007
Daniel
rated it:
Three things happened in 1776.
1. The Revolutionary war started (Declaration of Independence).
2. Watt's first steam engine powered Wilkinson's
iron foundry blowers.
3. Adam Smith published "The Wealth of Nations".
1. The Revolutionary war started (Declaration of Independence).
2. Watt's first steam engine powered Wilkinson's
iron foundry blowers.
3. Adam Smith published "The Wealth of Nations".
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Aug 08, 2011
This is a wonderful book, one that has had an enormous impact on history, which cannot be understated. Yet, despite enjoying the unabridged works of Smith, the modern reader can find him to be tedious. Smith has to explain and develop his ideas to an audience that has not accepted them, whereas the modern world takes such concepts as the division of labor as a cornerstone of economic thought that is for granted. The reader could easily become impatient with Smith. His digressions on Silver, and
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Jun 21, 2009
Colin
rated it:
Not an easy read but worth it if you want to understand one of the foundations of modern intellectual thought. This is where the study of economics started. Adam Smith notions of "division of labor" and "the invisible hand" and taxation still resonate today.
I caution against this as a fun read. If you think economics is "the dismal science" than stay far, far away. If you want to get an understanding of what all those pundits are quoting, and misquoting, More...
I caution against this as a fun read. If you think economics is "the dismal science" than stay far, far away. If you want to get an understanding of what all those pundits are quoting, and misquoting, More...
Jan 03, 2012
Selina
rated it:
I think you can skip the history of the coin section (unless you're a coin collector) but the stuff about trade is fabulous for understanding capitalism. It's best understood if you take into consideration that Adam Smith was an Ethicist, by profession. He taught ethics. Considering that context, he was trying to explain how good it would be for everyone if France traded wine to England for wool. France doesn't have tons of wool and England didn't have great wine, but if they trade, everyone
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Dec 23, 2009
Inspire me
rated it:
My first book to know about economics, I don't think that I understood everything in the book, or even half of the book, but I was indeed impressed by the explanation of job division, comparative adavantage (? not really sure if it's raised by him, need to check) and the invisible hand.
Educated in a collective thought background, I used to have much faith in pursuit of individual's interest. but with my age growing, I tend to embrace more collective value than individual value, or at leas More...
Educated in a collective thought background, I used to have much faith in pursuit of individual's interest. but with my age growing, I tend to embrace more collective value than individual value, or at leas More...
Mar 02, 2008
Amy
rated it:
Dry to read, but really genius. I'm sure lots of it went over my head, but I appreciated the rest.
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Mar 27, 2011
Chrishna
rated it:
It's amazing that a book written hundreds of years ago could so aptly describe some of our modern-day economic troubles. He tackles issues like "to big to fail" and countries that don't produce anything. I recommend all to read it. It only gets 4 stars for the lengthy and specific gold and silver sections, but really it's a must read. Be prepared to be terribly upset with recent economic specialists who promise that we can avoid certain pitfalls. They have no excuse, as Mr. Smith
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May 23, 2010
Victoria
rated it:
I read only the last chapter: "Public Debts" for school. It really helped me understand why debt is so harmful to both governments and individuals and how nations get in the huge amounts of un-payable debts they are in now. It was rather depressing, I admit, but very informative. It makes me trust government even less than I did before! : ) It also made me realize that money I spend or pay tax with just goes in an endless circle of chaotic meaninglessness. (Still, as Christians we are
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Jan 28, 2009
Ming
rated it:
what's there to say? Any man who calls himself a businessman or an economist should read this.
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