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The Wealth of Nations (Bantam Classics) (Mass Market Paperback) (平装)
by Adam Smith
| Category:
Economics, Social science, Politics, Nonfiction |
| Market price: ¥ 110.00
MSL price:
¥ 102.00
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
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 Good for Gifts |
| MSL Pointer Review:
Seminal work from the father of economics. |
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AllReviews |
1 Total 1 pages 5 items |
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Robert L. Heilbroner (MSL quote), USA
<2007-11-05 00:00>
Adam Smith's enormous authority resides, in the end, in the same property that we discover in Marx: not in any ideology, but in an effort to see to the bottom of things.
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Rolf Dobelli (MSL quote), Switzerland
<2007-11-05 00:00>
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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C.S.Willis (MSL quote), USA
<2007-11-05 00:00>
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. |
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Joseph S. Maresca (MSL quote), USA
<2007-11-05 00:00>
Adam Smith is considered a founding father of economic theory.
In the Wealth of Nations, he laid a foundation for the free market while at the same time explaining some of the problems encountered by workers. He explained that all work had to be highly organized in order to be productive. In addition, he recognized that machinery facilitated work. This notion serves as an important foundation for more modern patent practice. He praised the ingenuity of inventors and makers of new machinery. The author spoke of increased production as a condition precedent to enhancing the power of labor. From this precept, he explained that the size of a market would dictate the division of its constituent labor. For instance, a small community in the suburbs might be serviced by a local "General Store"; whereas, a county in a large city would be serviced by a retail chain store with hundreds of employees and a highly sophisticated management structure. In Adam Smith's time, metals were popular in the manufacture of commodities.
Problems were encountered in weighing the metals and arriving at a uniform system of metrics. The theory of pricing was a function of the toil needed to purchase a good. For instance, the price of an auto was a function of the many hours of labor necessary to earn the money to buy the car. In addition, the price of an item was related to its constituent parts. For instance, the price of linen was a function of the labor of the flaxdresser, spinner, weaver, bleacher and overall
employer. The natural price varied with the price of component parts. For instance, if the semiconductor was reduced significantly in price- then the overall price of an electronic appliance would go down. Adam Smith saw labour as a function of national wealth. He recognized that laborers had to earn more than a mere subsistence in order to live dignified lives.
He told a story of a mother in the Highlands of Scotland who had to raise 20 children so that 2 would survive. Presumably, 18 children would die from various diseases and poverty. The interest rates at the time were low. In England, rates
hovered at 5%. In France, the rates were 3-5% . The government could borrow at 2% in Holland.
Adam Smith defined a wage as a function of the following:
- the ease or hardship to do work
Consider the case of a diamond cutter. The art of cutting a diamond is a precise process which requires extensive training and expert worksmanship. The demand for precious stones was a function of their inherent beauty, scarcity and workmanship involved in polishing them and preparing them for commercial use.
- the difficulty and expense of learning a trade A skilled surgeon required years of medical training and a long apprenticeship in anatomy and surgery.
- the constancy of employment o the trust reposed in the workpeople Consider the case of a landowner who took a year-long vacation to the Orient. He/she would leave behind a manager to run the entire business on a 24/7 basis. This high degree of trust reposed in the workperson required a commensurate compensation.
- probability of success or failure of the venture Consider the effort required to cross the Atlantic. The trip was lengthy, dangerous and prone to failure due to the vagaries of nature, pirating on the high seas and disease. Naturally, a worker had to receive a greater compensation to take these factors into consideration.
- the danger inherent in doing the work Consider the danger inherent in entering a diamond mine. The possibility of collapse was a constant threat. Accordingly, workers were compensated commensurate with the threat level.
Adam Smith explained that fear of misfortune dampened the taking of risks. He knew (intuitively) that investors were risk averse. In addition, there was a restriction on training new labor. In Sheffield, no master cutter could train more than a single cutter . Apprenticeships were lengthy. i.e. 7 years in length.
Adam Smith explained that food was a source of rent to the landowners. The pricing of metals was a function of the price in the most fertile mine in the world. Whatever increased the fertility of the land increased its value by implication.
Markets in foodstuffs were restricted because refrigeration did not exist until motors and condensers were perfected. Essentially, there were no operable refrigerators until the famous Clausius statement was perfected in the engineering
sciences.
Accordingly, the market for butcher's meat was confined to the country of origin. Wool and raw hide could be transported; however, meat was consumed locally as its shelf-life was limited. The value of money was a function of the value of annual produce. Accordingly, increased quantities of commodities raised the value of money. Low fixed rates of interest promoted business and discouraged usury. Riches were a function of the annual produce which created the wealth and supported the tax base. High duties were enforced to protect the local markets. Treaties between countries helped local merchants to craft meaningful
trade sequences. Exports were encouraged . The expense of erecting public works was a function of the taxes raised on the land and the proportion of yield from the crops. Governments granted bounties to merchants who wanted to sell
overseas in order to assist them in making a profit and defraying costs/risks. This work is a classic in theoretical and practical economics. It is a "must read" for economists, historians, majors in government, financiers, investors, literary buffs and a large constituency of academicians.
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Jeremy (MSL quote), USA
<2007-11-05 00:00>
As a high school student with only a rudimentary understanding of economics, if even that, I found Adam Smith's book to be very informative. Having read it with great ignorance on the subject was able to learn a great deal about economic principles with more depth than "supply and demand dictate price". I found the ideas behind taxing to be simple but effective given their presentation as well as Smith's arguements for a free market economy. Reading this historical text has also helped placed into context his arguemnts against the mercantile system and the taxing of the American colonies because the depth that he goes into about said subjects is more than any history class that I have taken has allotted. For some the wording may seem dated or old or borring but for those who enjoy a more analytical style or writing, such as the style used in the translations of Roman philosophy texts, the writing style should not be a problem. The most intimidating aspect of this book is its size, an aspect which can easily be overcome if the reader finds the text engaging for the above reason. While I cannot say that it is a "must read" or a "required read" for an understanding of economics simply because of the ignorance which I still possess on the subject, I can say that it is an informative read that explains in depth, using cited examples, areas of economics that are easy to grasp if the reader enjoys the text. To conclude this, from my strictly ignorant (although less ignorant after reading this book) point of view, The Wealth of Nations is an informative and engaging book. |
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1 Total 1 pages 5 items |
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