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Summary: Wealth is the product of labor
Review: I appreciate that for most readers, Adam Smith's Wealth of Nations is going to be a deadly dull read, although I think this is a pity. With a little discipline, I think that the erudite reader will take away many enriching (yes, pun intended) lessons from Smith's ground breaking treatise. For me, as a business professional and business student (I have an MBA), the Wealth of Nations was a Damascus Road experience.I think there are several myths about economics that are exploded by a first hand reading of Wealth of Nations. Many supply side economists eagerly tout Smith's "invisible hand" metaphor in advocating deregulated markets, but in my view, Smith took a balanced and integrated approach in analyzing the supply and demand sides of national economy. In the first chapter Smith notes that national wealth is the production of labor. This has dual implications in that production is the creation of supply, but the labor force consumes that supply by trading the resulting wealth. These are two sides to the same coin, & therefore indivisible. Also in the first chapter, Smith notes that increasingly sophisticated economies will employ a division of labor to increase production efficiency, which is another concept that necessarily integrates supply and demand, production and consumption. Smith devotes quite a bit of time lamenting governmental intrusion into economics by way of regulation. However, he does not condemn government regulation per se, but make very specific criticisms against those state regulatory polices that tend to create monopolies. None of his comments are strictly political in nature. Smith's analysis is purely based on economics & the efficient allocation of capital. He views the enemy not as the King's ministers, but rather the monopolies that were so prevalent during the 18th century mercantile system. On a related note, I think it is clear that Smith would be horrified by the military centric nature of many post-industrial economies today. He notes that a standing army is a drain on national wealth. Essentially the state is paying workers not to work, but rather to stand ready to fight. I suspect that Smith would view large state defense budgets as being most closely akin to a transfer payment made by a welfare state. For those who will scream invective at me for saying this, please remember that the largest item on any defense budget by far, is payroll. Finally, as an amateur historian, I enjoyed the brief glimpse into what life was like in the 18th century Empire from an economist's perspective. Various parts of his book review social welfare systems of his day, as well as international banking, political economy, agrarian systems, and life in general.
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Summary: Well worth its century-spanning reputation
Review: I didn't read this exact edition, and I did read an abridged version. I'd also like to add that I'm not a student of economics. That said, I'd now like to unreservedly recommend this book to anyone who wants to get a handle on economics. I thought going back two hundred years might be a dicey move, but Mr. Smith's voice remains perfectly lucid, compelling, and marvelously informative. I cannot praise this book highly enough.
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Summary: Watch Out!
Review: 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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Summary: Oh, How much we owe Smith!
Review: I must take exception to the Amazon review: saying that Smith viewed Capitalism suspiciously is utterly untenable. From the very first chapter, Smith makes clear the genius of markets, the benefits of the division of labor, and how government intrusion upon "perfect liberty" creates economic inefficiencies. As the Industrial Revolution was in its infancy, Smith keenly perceived the theoretical framework for its future development: property rights, markets, free trade, and government non-intervention. These institutions allowed for unprecedented economic growth (there was more economic growth in the 19th century than in the preceeding 4000 years) and thus the sustainability of modern life. We cannot express enough gratitude to Dr. Smith.
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Summary: ebook: Hope you don't need it right away! AMAZON SLOW!
Review: I really wonder how many people have ever read this book--especially those who deal with economic issues (say Congress or the President). Of course, some of the ideas have become dated because the world of 2004 isn't the world of 1776. However, what's amazing is what has held. So much of this book is still basic economic theory. Plus, its not as if Smith had predecessors who he could follow. Smith is one of those people who will still be remember in 2500 or 3000 and deservedly so.
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Summary: Still an amazing accomplishment
Review: I really wonder how many people have ever read this book--especially those who deal with economic issues (say Congress or the President). Of course, some of the ideas have become dated because the world of 2004 isn't the world of 1776. However, what's amazing is what has held. So much of this book is still basic economic theory. Plus, its not as if Smith had predecessors who he could follow. Smith is one of those people who will still be remember in 2500 or 3000 and deservedly so.
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Summary: The Great Minds Series version has parts missing!
Review: I was origionally reading the text version of this book on the internet until the printed version came. I was downtroden, sickened, and even frightened to find that the Great Minds Series version of The Wealth of Nations is incomplete, yet gives no indication whatsoever of being so. The introduction and chapters 2, 3, and 4 of book 3 are simply not there. They are not even listed in the table of contents. There is no discrepency in the page numbers, or any other teletale indication that it is incomplete. It is not written anywhere that it is an abrigement. I want to point out how careless it is and how misleading to the reader in comprehending the philosophy of Adam Smith to print an incomplete book without any warning.
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Summary: Adam Smith A Brave Man
Review: In his day monarchies, emerging democracies, business people and government employees were profoundly inept in the affairs of economics, trade and taxation. We have come a long way. Now governments are simply inept including the USA government. When you compare the errors in governmental affairs that he reviewed more than two hundred years ago to the mistakes and wrong governmental policies of today there is considerable reason for optimism. What a damning review of governmental affairs he wrote. This is the predominant reason for reading this book. Secondarily, to trace the development of economic thought. Adam Smith was one of the greatest pioneers in the science of economics. There are areas where we now know he was in error. Science content of modern economics is more profound than most observers are willing to admit. If you just want to learn about economics you would be well served to first read more current economists. In modern times, Milton Friedman has played a similar role. Again there is that radical urgency to place Friedman in the conservative pile before they decide the correctness of his thought. The legacy of critically reviewing the errors of democratic governments as well as repressive governments will hopefully be kept alive and well. Much is left to be done-- even in the USA. A very exciting question remains what happens when the repressive leaders of China realize that good economic policy and political freedom are so deeply intertwined that there repression is truly doomed. Will the end be destructive or positive. It is surely coming. Similarly in the USA and other developed nations, as more people learn economics on the path to greater involvement in business, investing and entrepreneurship one would expect increasing rebellion against the reckless of policies by politicians and the uninformed contentions of the media. There are many helpful books some I have recently reviewed that can broaden ones understanding of governmental failings in economic policy. While everybody would benefit from more knowledge about economics, the basic shortcomings of the media and politicians is of critical concern. It is no surprise that reviewers of economics related books have to rush to place any book either in the conservative pile or the liberal pile. Why or how one decides to place Adam Smith in the conservative pile, is surely the sickness of political views over logic. While it is unfortunate that the Great Minds Series does not disclose that this is an abridged edition, most readers will find this is more than enough to read.
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Summary: Try the Cannan edition
Review: isbn 0-226-76374-9 The enthusiasm of the other reviewers, which I share, should not omit some classic (and often neglected) replies to Smith. Try Fridrich List, as well as Alexander Hamilton's Report on Manufactures. List is the better of the two, focusing on the effect of banking crises on prices and deflation, he argues that tariffs are needed to protect the general level of economic activity. This is List's core argument and not to be confused with the "infant industry" characterization. Smith's work is of course a classic. Note also however that his careful analysis of the transition from a medieval to a capitalist economy was pretty thoroughly demolished by Marx in v. 1 of Capital, though Marx himself is (rightly) often characterized as a "classical economist" heavily influenced by Smith.
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Summary: Missing Book 5
Review: It has all the original writings of Adam Smith but Book 5. I was looking for a good book to replace my falling apart paperback but was disappointed to find out it was missing Book 5, the one that gives Smith's conclusions. If you are an economic student, I would search for the unabrigded copy.
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