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The Wealth of Nations
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Two events made 1776 a remarkable year. The first is the well-known Declaration of Independence by the Second Continental Congress.
The other, which ultimately has had a far greater influence on the world in which we live, was the quiet publication of The Wealth of Nations by Scottish philosopher Adam Smith.
Calling Smith an economist belies the fact that prior to The Wealth of Nations "economics" did not exist. His book is the foundation of the academic discipline.
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Wikipedia says:
"The Wealth of Nations is often mischaracterised and politicised. As with a good number of literary works of this sort, many people are confident in their opinions regarding the author, the work, and the subject matter, yet have never read it."
Well, I suppose I'm guilty of that, but I'm reading it now. The Wealth of Nations (full title An Inquiry into the Nature and Causes of the Wealth of Nations) is available online, but it's probably worth a few bucks to get a copy if only to avoid the eyestrain.
Say WHAT?!
Smith wrote The Wealth of Nations for the every-day educated (literate) person of his time, so no exceptional mathematical or other abilities are required to read it. You will immediately notice, though, that the English language has changed a bit in the last 230-odd years.
Still, Smith is no harder to read than Washington or Jefferson and not even close to Shakespeare or Chaucer, so take heart!
If you persist in reading the first chapter, you will find that the archaic phrasing becomes intelligible and may even seem natural after a while. You can always go back and read the first chapter again!
Inside "the box"
Every culture has a prevailing mythology -- a set of assumptions that people generally believe to be true even in spite of evidence to the contrary. This is what contemporary business books are referring to when they encourage us to think "outside the box."
The Wealth of Nations has been so influential in shaping our understanding of markets, value, monetary theory, and a host of other economic and business concepts, that it's fair to say that -- even at a distance of over 200 years -- Adam Smith is "the box".
The Wealth of Nations
Online at the Adam Smith Institute
Here are the main points -- the five volumes -- of Smith's work. I'm going to refrain from commenting, at least until I've read them, and maybe even after that.
- Book One
- Of the Causes of Improvement in the Productive Powers of Labour, And of the Order according to which its Produce is Naturally Distributed among the Different Ranks of the People
- Book Two
- Of the Nature, Accumulation, and Employment of Stock
- Book Three
- Of the Different Progress of Opulence in Different Nations
- Book Four
- Of Systems of Political Economy
- Book Five
- Of the Revenue of the Sovereign or Commonwealth
Classical Economists @ Amazon.com
Influenced by Smith
Smith and his contemporaries are generally regarded as the Classical Economists, and although economic theory has evolved beyond their observations, classical economics is still the basis of later works.
"The Wealth of Nations" @ Amazon.com
The Wealth of Nations (Modern Library Classics)
The notes by UC Berkely professor and former secretary of labor Robert Reich make this edition a good choice.
Amazon Price: $10.85 (as of 07/26/2008)
The Wealth of Nations (Bantam Classics)
Princeton economist Alan Krueger, who wrote the foreword for this edition, is best known for debunking the claim that a higher minimum wage increases unemployment.
Amazon Price: $7.95 (as of 07/26/2008)
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