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Apr 9, 2014 · My pithy recommendation is simple: No, I do not recommend this book for everyone. If you claim free markets economics as one of your favorite conversation topics, I would recommend reading at least large sections—if for no other reason than that it is the book often discussed, yet seldom read.
Generally no. Our current understanding synthesizes most of his good thought. It's worth reading summaries though if you seem interested in the history of economic thought. I'd recommend a modern textbook like Mankiw over that any day if you're just interested in econ though. 12. Reply. Award. Share. PrettyDecentSort. • 5 yr. ago.
Expert commentary on Adam Smith's great work, The Wealth of Nations. Commentators include historian Niall Ferguson, philosopher Dennis Rasmussen and more.
- The Book's Broad Themes
- Production and Exchange
- The Accumulation of Capital
- Economic Policy
- The Role of Government
- The Wealth of Nations Today
The first theme in The Wealth of Nations is that regulations on commerce are ill-founded and counter-productive. The prevailing view was that gold and silver was wealth, and that countries should boost exports and resist imports in order to maximize this metal wealth. Smith’s radical insight was that a nation’s wealth is really the stream of goods ...
The Wealth Of Nations begins with Smith explaining production and exchange, and their contribution to national income. Using the example of a pin factory, Smith shows how specialisation can boost human productivity enormously. By specialising, people can use their talents, or acquire skill. And they can employ labour-saving machinery to boost produ...
Smith goes on to say that building up capital is an essential condition for economic progress. By saving some of what we produce instead of immediately consuming it, we can invest in new, dedicated, labour-saving equipment. The more we invest, the more efficient our production becomes. It is a virtuous circle. Thanks to this growth of capital, pros...
Just as individuals gain from specialisation, says Smith, so do nations. There is no point trying to grow grapes in Scotland, when they grow so plentifully in France. Countries should do what they are best at, and trade their products. Restrictions on international trade inevitably make both sides poorer. Legislators think too much of themselves wh...
Smith is critical of government and officialdom, but is no champion of laissez-faire. He believes that the market economy he has described can function and deliver its benefits only when its rules are observed – when property is secure and contracts are honoured. The maintenance of justice and the rule of law is therefore vital. So is defence. If o...
Smith’s world was very different to ours, of course, before the Industrial Revolution changed everything. At yet, by showing how the freedom and security to work, trade, save and invest promotes our prosperity, without the need for a directing authority, The Wealth Of Nations still leaves us with a powerful set of solutions to the worst economic pr...
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 (1723–1790).
Learn from 30,867 book reviews of The Wealth of Nations, by Adam Smith. With recommendations from Elon Musk, Barack Obama, and Neil deGrasse Tyson.
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Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich's Introduction both clarifies Smith's analyses and illuminates his overall relevance to the world in which we live.
