An Inquiry into the Nature and Causes of the Wealth of Nations (Illustrated), by Adam Smith
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An Inquiry into the Nature and Causes of the Wealth of Nations (Illustrated), by Adam Smith
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An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labour, productivity, and free markets. In it Smith analyzes the major elements of political economy, from market pricing and the division of labour to monetary, tax, trade and other government policies that affect economic behaviour. Throughout he offers seminal arguments for free trade, free markets and limited government. Criticizing mercantilists who sought to use the state to increase their nations' supply of precious metals, Smith points out that a nation's wealth should be measured by the well-being of its people. Prosperity in turn requires voluntary exchange of goods in a peaceful, well-ordered market. How to establish and maintain such markets? For Smith the answer lay in man's social instincts, which government may encourage by upholding social standards of decency, honesty and virtue, but which government undermines when it unduly interferes with the intrinsically private functions of production and exchange. Social and economic order arise from the natural desires to better one's lot and to gain the praise and avoid the censure of one's neighbours and business associates. Individuals behave decently and honestly because it gives them a clear conscience as well as the good reputation necessary for public approbation and sustained, profitable business relations.
An Inquiry into the Nature and Causes of the Wealth of Nations (Illustrated), by Adam Smith- Amazon Sales Rank: #2584772 in eBooks
- Published on: 2015-11-14
- Released on: 2015-11-14
- Format: Kindle eBook
Review "Adam Smith's enormous authority resides, in the end, in the same property that we discover in Marx: not in any ideology, but in an effort to see to the bottom of things."--Robert L. HeilbronerFrom the Trade Paperback edition.
Review "Adam Smith's enormous authority resides, in the end, in the same property that we discover in Marx: not in any ideology, but in an effort to see to the bottom of things."--Robert L. Heilbroner
From the Inside Flap Introduction by D. D. Raphael
Where to Download An Inquiry into the Nature and Causes of the Wealth of Nations (Illustrated), by Adam Smith
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580 of 602 people found the following review helpful. Go with Bantam By Amazonian 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.
178 of 184 people found the following review helpful. How to lift a nation out of poverty By J. B. Wight Adam Smith's Wealth of Nations brilliantly analyzes how a nation's living standards can be raised. In large part his wisdom still applies today. To briefly summarize Smith's thinking:1. Standards of living are determined by the productivity of workers.2. Productivity of workers is greatly enhanced by specialization (see the famous example of the pin factory in the first chapter!).3. Greater specialization is possible only if the market size grows. Thus, government laws that prohibit growth of the market hurt specialization, and thereby keep living standards from rising. This is why Smith opposed laws that restricted trade or created monopolies. Smith actively worked to keep Britain from going to war against its American colonies over trade issues. The Wealth of Nations is a political tract designed to sway the British parliament (obviously it failed in that regard).4. Productivity of workers is enhanced by raising their wages.5. Productivity of workers is enhanced by publicly funded education.6. The role of markets is exquisitely analyzed by Smith. Self-interest leads people to carry out private activities that lead to social betterment, as if by an "invisible hand."7. It is a serious misinterpretation of Smith to assert that greed or selfishness is the same as self-interest. Smith labored hard to avoid any such confusion. Please see his other book which addresses this specific issue: The Theory of Moral Sentiments.8. Clearly Smith favored limited government. But Smith was NOT a strict advocate of laissez-faire. He ended his illustrious career as commissioner of customs, a job he took seriously, and which he would not have taken had he not thought this level of intervention in the economy warranted.Read the first three chapters of WN: they contain the essence of the arguments above. Then look in the index to find reference to the "invisible hand" "monopoly" "colonies" and other subjects of interest.Buy the GLASGOW EDITION of the Wealth of Nations. This is the most up-to-date annotated version. It is available (very cheaply) from the Liberty Fund Press in America. If you only want one copy, that is the only one to buy today.
490 of 522 people found the following review helpful. Watch Out! By A Customer I have no criticism with Adam Smith's "Wealth of Nations." My criticism is with the Great Minds Series edition of the book. The Great Minds Series is an abridged version. Huge chunks have been edited out of the book, yet nowhere do they let you know this before making the purchase. I bought this book specifically because I wanted to cite it, and I can't because the parts I wanted to quote have been edited out.Adam Smith's "Wealth of Nations" is a worthy book for any private library, but purchase an edition other than the one offered by the so-called "Great Minds Series."
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