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572 ratings, 3.75 average rating, 62 reviews
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1901
(first published 1776)
by P. F. Collier and Sons
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hardcover, 1356 pages
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An Inquiry into the Nature & Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on 3/9/1776, duri...more
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other reviews (showing 1-20 of 1149)
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 the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages." ...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 the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages." ...more
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Read in January, 2000
recommended to Anne by:
I'm not going lie, I was forced to read it in American Nat'l Govrecommends it for: Everyone.
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 and nation...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 and nation...more
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recommended to Amy by:
me
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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Read in January, 1966
recommended to erik by:
Evelyn Woodrecommends it for: everyone
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 consisted, ba...more
The Wood method consisted, ba...more
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Read in January, 1992
I re-read this every couple of years (along with his Theory of Moral Sentiments which preceeded it and was always meant to accompany it. Capitalism has evolved since Smith's presentation (and in many avenues has evolved in ways that are decidedly un-capitalistic) but it is a shame that so many economists, political scientists and industrialists today have never read it--it is even more of a shame that few of those who have have also read The Theory of Moral Sentiments which descri...more
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Someone should rewrite this for readability.
Anyways, I read this before I went to law school and I failed to heed the words of this passage:
"Put your son apprentice to a shoemaker, there is little doubt of his learning to make a pair of shoes; but send him to study the law, it as at least twenty to one if he ever makes such proficiency as will enable him to live by the business. In a perfectly fair lottery, those who draw the prizes ought to gain all that is lost by those who draw ...more
Anyways, I read this before I went to law school and I failed to heed the words of this passage:
"Put your son apprentice to a shoemaker, there is little doubt of his learning to make a pair of shoes; but send him to study the law, it as at least twenty to one if he ever makes such proficiency as will enable him to live by the business. In a perfectly fair lottery, those who draw the prizes ought to gain all that is lost by those who draw ...more
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I originally had to read this for a U.S. history class and was bored out of my mind for the first half of it. I didn't get the professor's point of why, for a history class, I would have to read this work on capitolism and macro economics. THEN, I started to get the brilliance of Smith's writing and ideas. Even though the book was written well over 200 years ago, the last half might well be from a Wall Street Journal article. It really is THAT relevant. Then, after I got the economic part, ...more
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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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The whole time you're reading this you should be reminding yourself that prior to Adam Smith, economics didn't even exist. Though he was wrong about a few things--the biggest of which was probably the concept of comparative advantage--, it is an astounding framework for the discipline we know today.
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Read in January, 2005
The most fun thing about The Wealth of Nations (and there are many fun things) is that it is so psychological. One wonders if such moments as he writes about actually happened in the history of man (as one does when one reads Rouseau, or Hobbes).
He is the first author that really made me consider us as complex economic beings, and his layout of the "worker" really gets my wheels churning.
It is especially awesome to discuss with others; the more disagreement you come to the tab...more
He is the first author that really made me consider us as complex economic beings, and his layout of the "worker" really gets my wheels churning.
It is especially awesome to discuss with others; the more disagreement you come to the tab...more
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recommends it for:
Anyone trying to find out how the world works
This is the primer to understanding the science of Economics, which didn;'t exist until this book. First published in 1776, it describes the philosophies and practices that formed the basis of the American revolution and the country's eventual rise to greatness. However, Scotland, not America was the first society to adopt the principals, which took Scotland from the poorest country in Europe to one of the richest in only 50 years. Reading this book, you better understand the basic nature of ...more
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Read it, if you want to understand how the world works.: Two centuries ago, Adam Smith explained the modern free-market economy. More than that, he discusses the need for, advantages of, and limitations of a free markets.
The introduction in this printing is especially good. Almost a book in itself, it extend for 50 pages and connects the book to other philosophers and economists. Almost, you don't need to read the book after you've read the introduction -- but do it anyway, just to be amazed ...more
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One of my most embarrassing college moments came from reading this book--or more accurately, not reading this book. I only skimmed Smith's work when it was assigned in a class, and then to my horror it came up on the final exam. Except, of course, I didn't realize at the time that the question referred to Smith. The question was "What is the invisible hand?" I was drawing a total blank, so I put, "An Iranian terrorist organization."
And I still groan when I think of Smith.
And I still groan when I think of Smith.
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Read in October, 2008
A good read, albeit long and very dry. I had some trouble extending Smith's concepts into examples today (perhaps because of my lack of imagination?), but still found the material to be relevant. This is a remarkable characteristic of the book and, possibly, the longevity and flexibility of capitalism, in that a book written over 230 years ago is still accurately describing an economic model ( although, I'm not discounting the opinions of Mr. Soros!).
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recommends it for:
people who have time on their hands
Adam Smith gets a lot of unfair negative criticism, and its amazing who few people actually try to read his prose and put it into a historical framework. People are quick to dismiss the merits of this man, which is sad, because in a there are plenty of implicit warnings about the pitfalls a system of capitolism can create.
But then I also know why people avoid reading Adam Smith, and especially this book: It is looong and can be difficult at times.
But then I also know why people avoid reading Adam Smith, and especially this book: It is looong and can be difficult at times.
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I have read parts of this book, but I don't know if I'll finish it any time soon (especially since I'm reading other things). What I read was very interesting and very well written. It is dry, but not as dry as I expected. Since the American economic system is heavily influenced by this book, if you are an American or if you have any interest in economics at all you should at least read the first chapter or two and see what you think.
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This founding work of modern economics has been the basis of more arguments and conflicts than any book except the Bible. This is dispite the fact that few people have actually read it. Although lengthy, (I could use the book as a step stool) and at times dated, (I'm not as interested in the relative value of 18th century coinage as Mr. Smith) I believe this book would be a great surprise to those who devoted their time to it.
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Read in July, 2003
I tried so hard to read through this, and it's ideas are great, but I failed at least three times. The problem is the wording. I mean it was written in 1776, and well, I went to public school for chrissakes.
I am familiar with the ideas contained within, Meritocracy and the Invisible Hand, but if only there was a DK edition or something with pictures, sidenotes, and a CD ROM in the sleeve.
I am familiar with the ideas contained within, Meritocracy and the Invisible Hand, but if only there was a DK edition or something with pictures, sidenotes, and a CD ROM in the sleeve.
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Trade statistics aside, an amazing, brilliant work, one of those setting the foundation of all economics up to today. Today, however, is different, and Smith dated. Wealth is now too remote, digital, enormous with uneven distribution, abstract with concequence and totally unreal by distance from Nature, operating entirely by volatile consensus. We need a new Smith.
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