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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: $4.60
You Save: $3.35 (42%)
New (35) Used (16) from $4.60
Avg. Customer Rating:  22 reviews
Sales Rank: 1084
Media: Mass Market Paperback
Number Of Items: 1
Pages: 1264
Shipping Weight (lbs): 1.3
Dimensions (in): 6.9 x 4.3 x 2.2
ISBN: 0553585975
Dewey Decimal Number: 330.153
EAN: 9780553585971
ASIN: 0553585975
Publication Date: March 4, 2003
Availability: Usually ships in 1-2 business days
Condition: Brand New, Perfect Condition, Please allow 4-14 business days for delivery. 100% Money Back Guarantee, Over 1,000,000 customers served.
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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 17 more reviews...
 Foundations of micro and macroeconomics July 7, 2005
94 out of 102 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
59 out of 60 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.
On The Wealth of Nations November 30, 2004
33 out of 41 found this review helpful
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.
Put on top of your reading list. July 3, 2006
33 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
27 out of 51 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.
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