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The Wealth of Nations (Bantam Classics) | 
 enlarge | Author: Adam Smith
Creator: Alan B. Krueger
Publisher: Bantam Classics
Category: Book
List Price: $7.95
Buy New: $4.67
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Rating:  19 reviews
Sales Rank: 1455
Media: Mass Market Paperback
Pages: 1264
Number Of Items: 1
Shipping Weight (lbs): 1.3
Dimensions (in): 6.9 x 4.3 x 2.2
ISBN: 0553585975
Dewey Decimal Number: 330.153
EAN: 9780553585971
Publication Date: March 4, 2003
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Product Description
The Wealth of Nations
by Adam Smith
It is symbolic that Adam Smith’s masterpiece of economic analysis, The Wealth of Nations, was first published in 1776, the same year as the Declaration of Independence.
In his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services. He argued passionately in favor of free trade, yet stood up for the little guy. The Wealth of Nations provided the first--and still the most eloquent--integrated description of the workings of a market economy.
The result of Smith’s efforts is a witty, highly readable work of genius filled with prescient theories that form the basis of a thriving capitalist system. This unabridged edition offers the modern reader a fresh look at a timeless and seminal work that revolutionized the way governments and individuals view the creation and dispersion of wealth--and that continues to influence our economy right up to the present day.
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| Customer Reviews: Read 14 more reviews...
 Foundations of micro and macroeconomics July 7, 2005
Rehan Dost (Canada)
87 out of 94 found this review helpful
Using a vast historical database and plenty of everyday examples Adam Smith lays the foundations of modern economics without the formalization which would come later.
He starts by exploring the need for specialization of labour once societies advance beyond the hunter gatherer phase. As a result each individual is incapable of sustaining his basic needs and thus must purchase these using his labour which Smith views as the source of all value. As a result demand and supply is created for such labour.
He makes the natural assumption that each individual pursues their best interests.
He foreshadows the concepts of marginal utility and scarcity in determining the shapes of demand curves for commodities. ( He never actually mentions curves ).
Similarly, he describes the three factors determining supply prices for commodities ( rent of land, wages and capital costs ) and the various factors which influence them ( the equivalent of modern supply/demand curves for each factor ).
He puts these together under ideal circumstances to show how supply and demand meet to clear markets ( equilibrium in modern language ).
He then turns to macroeconomics laying the foundations for GDP and shows how capital can be distributed to "unproductive labour" ( that labour used to maintain productive labour ) such as doctors lawyer entertainers etc and "productive labour" ( that labour used in the manufacture and distribution of raw and finished products ). He explores the consequences of various distribution of each from both the micro and macroeconomic perspective.
He concludes by emphasizing the importance of government in providing international and domestic security as well as providing public works and institutions especially education.
Naturally this requires state revenue and he devotes almost one entire "book" to taxes.
He delves briefly into political economy especially merchantilism and it's detrimental effects to society at large.
A great introduction to modern economics that is often missed in didactic lectures. This book gives the motivation for many modern economic concepts that is often lost in mathematical formalism.
Go with Bantam February 12, 2007
C. S. Willis (Los Angeles, CA)
40 out of 41 found this review helpful
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.
Put on top of your reading list. July 3, 2006
Eduardo G. Veiga (Baltimore, MD United States)
34 out of 38 found this review helpful
A classic... mandatory but pleasant reading if you are into Economics... not boring despite the size. Read with a pencil handy to highlight the too many good quotes. Get the Bantam Classics edition--cheap, small and unabridged (doesn't get much better than this). Mind boggling how good Adam Smith is.
Smith was a conservative philosopher,not a libertarian June 13, 2005
Michael Emmett Brady (Bellflower, California ,United States)
31 out of 56 found this review helpful
Adam Smith's The Wealth of Nations(by wealth he meant the total productive capacity of a country's skilled and educated labor force,combined with its industrial manufacturing capacity and agricultural produce)is the brilliant effort of a famous moral philosopher to extend the range of his analysis from the theoretical "The Theory of Moral Sentiments" to the practical application of political economy in a country populated by decision makers who were practicing Judeo-Christians or Deists (who attempted to put into practice the Ten Commandments in their everyday lives).The terms "self interest" and"Invisible Hand" appear in both books.Smith was a friend/acquaintance of the founders of the 18th century "rationalism"of Voltaire,Rousseau,and Hume that advocated the enlightenment that would result if humans would make use of a scientific approach to reason based on an empirical/experimental analysis of the world.The enlightenment philosophers were,in general, anticlerical and opposed to organized religion.However, they were not opposed to the deistic position,which many of them adopted. It is very clear from the context in both books that Smith is referring to the enlightened self interest of moral decision makers who have had specific religious instruction,as well as a general education.Smith spends nearly 50 pages(Smith,pp.716-766) advocating the necessity of such instruction,if necessary funded by the public .Both of Smith's books must be read together in order to understand his overall philosophy.The Libertarian approach,which considers only a small portion of Smith's second book, is a caricature of Smith .Smith advocated a progressive system of taxation.Smith advocated usury laws(interest rate controls).The First Bank of the United States,set up by Alexander Hamilton,was modeled after the central bank control concepts of Adam Smith,as opposed to the free banking advocated by libertarians.Most importantly,Smith's theory of comparative advantage opposed any offshoring of either employment and/or industrial/financial capital if the purpose of such offshoring was to supply the home market.Such foreign investment can only be made to supply the foreign market.Smith was one of the first opponents of globalization,since globalization directly conflicted with the theory of comparative advantage.Globalization advocates base their arguments on absolute advantage.Finally,Smith fully supported the use of counter tariffs if there was any probability that such a counter tariff would succeed in getting the offending nation to remove its initial tariff.Only if there was no probability of success would Smith forgo retaliation.A reader of both of Smith's books will discover quickly that he would have no sympathy for the atheistic materialism of any variety of anarchistic libertarianism. Smith would thus have been an ardent advocate of the conservative Federalist position of Washington,Hamilton,Madison,Franklin,Jay,etc.,while opposing the libertarian views of Paine,Mason,and Henry.
Seminal work from the father of economics May 25, 2007
Rolf Dobelli (Luzern Switzerland)
4 out of 4 found this review helpful
Nobody seriously involved in economics can do without this exhaustive work, originally published in five volumes as An Inquiry into the Nature and Causes of the Wealth of Nations. This classic is a pragmatic and accessible milestone in the history of economics. Its author, Adam Smith, is woven into every economics textbook. However, Smith's theories, which today often are recounted mostly in fragments, frequently incorrectly, reveal their entire social and economic innovative power only in context. Smith burst onto the scene at a time when absolutist national states monopolized the world's precious metal reserves and tried to increase their own wealth through stringent export policies. These states were motivated by an entirely new concept about national wealth: that it stemmed from the work of the country's people, not from gold. Based on that idea, economic markets should balance themselves as if guided by an "invisible hand," impelled by each individual's self-interest. The state has to provide only an orderly framework and specific public goods and services. Even though Smith's image of idealized economic and social harmony may have developed a few cracks over the course of time, his ideas have inspired many well-known economists during the past 250 years, including David Ricardo, Vilfredo Pareto, Friedrich August von Hayek and Milton Friedman. We highly recommend this seminal work.
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