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Title: The Wealth of Nations by Robert B. Reich, Adam Smith, Robert Reich ISBN: 0-679-78336-9 Publisher: Modern Library Pub. Date: 14 November, 2000 Format: Paperback Volumes: 1 List Price(USD): $14.95 |
Average Customer Rating: 4.37 (43 reviews)
Rating: 5
Summary: The Bible of Economics
Comment: To be an economist without having read "The Wealth of Nations" is like being a priest without having read the Bible. As is often the case with second hand accounts, textbooks have distorted and watered down Adam Smith. Going back to the original text is both refreshing and enlightening.
The "Wealth of Nations" remains the most truthful defense of the economic science. But remember that Adam Smith also wrote "The Theory of Moral Sentiments"; for Smith, economics was a search to better people's life rather than simply a quest to optimize mathematical functions or estimate variables using econometric models.
To simply associate Smith with expressions such as the "invisible hand," does not do him justice. Take, for example, the opening chapter on the division of labor: first, Smith defends the division of labor as being efficient; then, he defends it as an essential component of the freedom to allocate one's labor to one's talents; finally, he links the division of labor to trade: without the freedom to exchange the fruits of one's labor, the division of labor is meaningless. The point is that Adam Smith defends the rationale for the market, rather than just explain its mechanics.
Anyone studying economics in school would think that economics is all about efficiency; this preoccupation, inevitably, breeds economists who support the market simply because it works. But to read Adam Smith is to enter the realm of an economic science where the ultimate benchmark is not efficiency but human freedom and welfare. That is, probably, what Smith would remark if he were to sit in an economics class today, and why the "Wealth of Nations" is as revolutionary today as it was two centuries ago.
Rating: 5
Summary: Required reading for any educated person.
Comment: Adam Smith, a professor of moral philosophy in 18th century Scotland, was, perhaps, the World's first "economist." One must remember that during Smith's era, there simply was no such thing as the formal study of economics, and it is this fact that makes "Wealth of Nations" so interesting as it represents the first attempt, as far as I know, by an individual to explain the intricacies of money, capitalism, profit, etc., in a scientific manner. Truly, "Wealth of Nations" is to economics what Newton's Principia is to physics. It is not perfect, but considering the time in which it was written it was an amazing accomplishment.
The reader will find discussions on a great many topics, but what is especially fascinating is the insight into 1700's Britain that is provided. Remember, this book was published in 1776. Smith even discusses the "recent troubles with the colonies"--America.
It is emminently readable, though it becomes less so in certain sections--the digression on silver, for example. However, if one takes it slowly, then one can easily digest this feast of intellectual achievement in a relatively short time. Afterwards, the works of Ricardo, Marx, Keynes--to name a few--should be tackled.
Again, highly recommended.
Rating: 5
Summary: Still an amazing accomplishment
Comment: 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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Title: The Communist Manifesto by Karl Marx, Friedrich Engels, Martin Edward Malia ISBN: 0451527100 Publisher: Signet Pub. Date: October, 1998 List Price(USD): $5.95 |
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Title: The General Theory of Employment, Interest, and Money (Great Minds Series) by John Maynard Keynes ISBN: 1573921394 Publisher: Prometheus Books Pub. Date: May, 1997 List Price(USD): $14.00 |
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Title: The Prince by Niccolo Machiavelli ISBN: 0553212788 Publisher: Bantam Pub. Date: 01 August, 1984 List Price(USD): $4.50 |
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Title: The Road to Serfdom by F. A. Hayek ISBN: 0226320618 Publisher: University of Chicago Press (Trd) Pub. Date: September, 1994 List Price(USD): $9.48 |
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Title: Capitalism and Freedom by Milton Friedman, Rose D. Friedman ISBN: 0226264211 Publisher: University of Chicago Press Pub. Date: November, 2002 List Price(USD): $13.00 |
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