The Wealth of Nations: Books 1-3 (Penguin Classics)

by Adam Smith

Book Overview

The classic economic treatise that insipired Thomas Piketty's Capital in the Twenty-First CenturyThe publication of The Wealth of Nations in 1776 coincided with America's Declaration of Independence,... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0140432086
• Release Date: March 1982
• Publisher: Penguin Classics
• Length: 544 Pages
• Weight: 1.45 lbs.
• Dimensions: 7.8" x 1.0" x 5.1"

Customer Reviews

Excellent synopsis of wealth of nations

The first three "books" (the term for "chapters" in Smith's age) of the Wealth of Nations are the most important of the book. The introductory essay by the Smithologist Skinner also provides great insight into the book per se, Adam Smith and how Wealth of Nations fits into Smith's other works. This is despite the fact that it is only about 70 pages long. THis essay is much more enlightening than many books on either Smith or the Wealth of Nations. The price of the book is worth that essay alone.

Foundation stone of Economics

"The market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity." [The Wealth of Nations] Not easiest book to read, nor shortest one. But it deserves attention of serious student of Economics. It constitutes the baseline from which all modern Economics theories developed. Kind regards, Mario.

The Tao of Economics

This is one of the truly great books produced by the Western world. Although much has been written on economics since, it considerably broadened my perspective to read it in the original.I can't help feeling that those who pan Wealth of Nations as an apology for exploitation simply haven't read it. That?s simply not what the book is about. For if you really do care about the underpriveleged masses -- and it's imminently clear that he really does -- then you better consciously organize your state in such a manner that money will flow naturally where it's most needed.I'd been told before I read it by several people that AS was, for example, apologizing for the East India Trading Company? Does his apology for EIT include the lengthy chapter which discuss in full detail how and why the East India Trading Company was responsible for an wide array of abuses in the Far East, and why no similar company would be legal if a society were fully moral and knew its own best interest?Nor is it a blind apology for laissez faire economics, though it does recommend non-intervention by the government insofar as that is possible. Still he fully recognizes the need for social services, rightly understood and rightly executed.In fact, I can't see how anyone who reads it could view it as an apology at all -- it's simply a statement of fact. Adam Smith is not the one carrying an ideology around on his shoulder. You may not like it that the world works this way -- that's another matter. But that IS the way it works... you are made to see that for yourself. It is not imposed on you as dogma.And after reading AS, I'm left feeling very happy that that's the way the world works.I think the most fundamental idea I am left with after reading all those pages, is that wealth is a verb, not a noun. Land and labor (i.e. food and farming) are the bottom line of economics. Treat your farmers well. Unjust practices in trading will ultimately backfire.The dynamo which runs the machine that creates wealth lies within each individual - it is the individual?s will to better his or her condition. To the degree that this aspect of human nature is given the power to express itself , the nation will be vitalized internally.

A Classic Misinterpreted by Those Who Revere it Most

This Book is a classic. I would not go so far as to add it to the western Canon, but it contains the foundations of modern Economics. Its explaination for how economies work is still unsurpassed. Division of Labour, the invisible hand of consumer demand and the uses and mis-uses of taxation are all here. It should be stressed however, that this edition does not include books IV and V which concern the proper role of govt. It is also the section most ideologues forget to read and contains all the rudiments for a minimal welfare state and and active role for govt. in planning FOR competition, NOT the planning OF competition --- a very important distinction and one lost on those who see no positive role for the state in the economy. It is unfortunately most used as a classic for those seeking a rationale for exploitation. Smith did not intend it as such and to see it as that is indeed to read it very selectively. The invisible hand is a useful interpretation for demand economics, but it is, like all other things only a description of market forces as they operate. It is not always the best way to organise everything as modern day ideologues would presuppose. It is of course the basis of business --- and it should be --- but Smith also has lots to say about how other economic factors operate in society. One thing to make clear is this: Smith is not anti-State, as some ideologues in the US would like to think. He is balanced in his view of the state --- it is best left out of economic planning --- but it does clearly have an important role to play. The role of the State is to 1) create the conditions for the smooth flow of capital and its allocation into its most efficient uses and not to erect barriers in the process. 2) It also must necessarily collect taxes since the smooth and efficient operation of the state and the benefits its provide is in the interest of the accumulation of Capital. 3) The State also directly participates in the economy when projects which are obvious to the public benefit, but "which to no one would accrue an economic profit" --- he offers such examples as lighthouses and some roads and defence --- areas where there is an obvious public good, but to which no one would make a profit. Lighthouses are good examples, but like everything else in today's economy an interpretation for this could be made for universal health care and, of course, education; the mere fact that people do not have to worry about providing for education or health allows them to carry on in amassing capital in other endevours. Of course there is a slippery logic here but such is the rationale for the limited, but much greater role, the state provides in most developed economies outside of the United States. 4) Taxation policy is here as well. In the last book, Book V (not included in this edition), Smith describes the foundation of taxation and where it works best. He starts with the idea that "those who benefit the most from the smooth functioning of the

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 at Smith's prescience.