The best Adam Smith books

Are you looking for a good introduction to Economics?

Then, as I did, start with a brilliant survey of the main thinkers, who have shaped our understanding of the economic system. These economists’ thoughts ranged from addressing how to improve the quality of life for all, to understanding the source of value and the functioning of the economy.

Although they were not always accurate, their influence on contemporary Economics is tremendous, and Heilbroner's writing style will captivate you. I recommend this book to all of my students and colleagues.

In fact, after reading this book during my University studies, I became inspired to study Economics in depth and engage in scholarly research. Even switched from Engineering, Mathematics, and Physics to Economics, Finance, and Data Science.

Even though Adam Smith is often said to be the father of all that is good or bad about capitalism very few people have read his famous Wealth of Nations. Why? Well, 1) they think they already know what’s in it: no government intervention in the economy, thank you. 2) It is two volumes. 3) It must be very dreary because it is about economics, and 4) they are not good at economics or math.  

But read it for yourself, and you will find that it is readable, nuanced, and you can skip the bits that you can’t make out, enjoy the examples, and decide for yourself what he actually argued and whether you agree with it or not.

This short book by Nobel Prize winner, the philosopher and economist Amartya Sen, critically analyzes the simplifying assumptions underlying standard economic analysis, such as that people are only interested in advancing their own interests, the undesirable ramifications of these assumptions, and ways to improve economic analysis.

At the same time, the book points to the potential contribution of the economic approach to the study of ethics.

It isn’t just African politics that is different. Economics is too. If modern economics had been invented by an African, instead of Adam Smith, it would look very different. Wealth would be measured in people rather than material objects, property, and capital. There would be much less emphasis on markets. Some things, should never be sold, and if they were it would create “bitter money” and bad luck. This book is a great place to start to re-think your ideas about economics.

Our love for humanity – which is how “philanthropy” is defined – is rooted in our sense of morality. 

Adam Smith explains that morality is not driven only by reason, but is built into us because we are social beings. To understand philanthropy, therefore, I think we need a grounding in how and why we want to help others.  This book explores that desire, or need, to empathize. 

Smith says that when we see people happy or sad, we feel happy or sad too, that we derive pleasure when people do things we approve of. Even though The Theory of Moral Sentiments is almost three centuries old, it teaches us much about why nonprofits can be successful in the modern world.

A long and detailed account of the role of science in our decision making.

Ball demonstrates a sure touch over a myriad of topics, whether it be what causes traffic jams, the behaviour of gas particles, or the best way to design fire exits. The author has a deep and wide understanding of science and is able to share this knowledge with many real-life examples.

Whilst not a light read it is well written and opens up the reader to a far wider way of thinking about how “the real world” acts and reacts.

This book was recommended to me in graduate school and was a natural fit for the kind of comparative research I was then busy with concerning the global dispersion of national ideas among cultural elites in the nineteenth century. That story is contextualized here through an examination of the life and thought of Yen Fu (1854-1921). Shwartz's work was immediately praised as a model for such a study and continues to appear frequently in bibliographies and course reading lists.

This is a scholarly book written by one of the leading commentators on Smith and his time. In a fluently written manner it combines in an enlightening way an account of Smith’s life, as it unfolds in his writings, lectures, correspondence, and friendships, with an engagement with his ideas.

What impressed me was how he steered a course between very detailed biography (which exists) and close detailed dissection of the works (of which there are many), a task he accomplished by providing a deft summary account of Smith’s work alongside a deeply informed account of his milieu.

Frank explains why Darwin is a better guide than Adam Smith’s Wealth of Nations to the problems the economy raises for almost everyone. The most important market and the only market where almost everyone is a seller instead of a buyer is the labor market. Yet it is the one that Adam Smith got almost completely wrong and Charles Darwin got almost completely right. Frank shows us how the Darwinian process of the labor market makes employers rich at the expense of workers, and how they stitched their advantage into the “Right to Work” (at lower wages) laws.

Since my PhD was based on Schumpeter's work, I can confidently state that it is well worth exploring the fascinating world of Economics through one of history's greatest economists.

This masterpiece takes the reader on a journey through every corner of the subject, paying particular attention to even the smallest details. A unique and thought-provoking view of Economics is offered by Schumpeter in his over 1000 pages of brilliant insights.

This book distinguishes itself from others through its deep and unconventional interpretation of Economics. It is a must-read for anyone seeking a thorough understanding of Economics as Schumpeter provides fresh insights on various topics.

However, it would be much better if it covered more recent developments. Enjoy this tour of Economics with Schumpeter and you will never get bored!

The book is, like the others I have recommended, decidedly distinctive and untraditional. It traces the convoluted history of capitalist thought prior to its advent (which is itself the subject of ceaseless debate). Reducing forces to “passion” and “order” made me look at a complicated subject in a new way.

No one wrote about money better than Jerry Goodman (under the pseudonym Adam Smith), whom you know from PBS’s long-running weekly Adam Smith’s Money World. When I read The Money Game, the crazy Go-Go years of the late 1960s were just ending. Now, with Jerry having gone on to that great Securities Repository in the Sky, his book would be a fun way for you to absorb that whole era in just a few hours.

The title of this book unambiguously states its purpose. What, above all, impressed me was how Paganelli, an academic economist, fulfilled this purpose so splendidly. The Wealth of Nations is one of the great books in the history of economics, but it is a large and somewhat intimidating volume, which has meant it has usually been cited without ever being read.

This book systematically and carefully explains the book chapter by chapter but never misses ‘the wood for the trees’. While ideal for students, with guides for future reading, for anyone who just wants to discover what this great book says beyond headline summaries, and why it is important, this is the text to read.

This collection of essays by some of the leading contemporary scholars in ethics and in economics provides both critical surveys of the various interactions between these two bodies of thought and original suggestions for future advancements in this important intersection.

The collection includes both general and theoretical inquiries and more specific applications. It may be of interest both to academics (scholars and students) and to policymakers and laypersons.

I enjoyed reading this book as it provided a deep, and engaging overview of economic theory.

The authors manage to strike a balance between providing a high-level theoretical discussion and making the content accessible to a wider audience. One thing that stood out to me was the authors' emphasis on the diversity of the various schools of economic thought.

In their work, they avoid the common pitfall of suggesting that the history of Economics has “ended”, and instead observe the evolution of economic theory over time. Also, I appreciate the fact that they do not believe that theories in fashion today necessarily provide an adequate explanation for the functioning of the economy.

Overall, I recommend this book to anyone interested in gaining insight into Economics’ controversial development.

I first read Aspromourgos’s book on Adam Smith in 2010 or thereabouts.

I was immediately hooked because of the attention to detail visible in his interpretation of Smith’s economics. And the rigour and depth of his writing. 

The book places Smith’s economics within a rich historical context by paying close attention to his economic vocabulary.

Aspromourgos diligently provides us with a persuasive account of Smith’s economic theory in the tradition of classical political economy and rightly argues that it cannot be viewed as an inferior version of marginalist economics. 

In this book, you will find not just Smith’s economics and its history but also insights from philosophy and politics, both essential, I think, to become a critical economist.

This highly readable, best-selling book explains how the West’s free-market economies grew rich while others stagnated. (1) The West provided the freedom to innovate in products processes and organizations while other societies resisted these activities. (2) The West’s diffusion of economic power from a centralised political sphere to a decentralized economic sphere was essential in establishing and maintaining this freedom. (3) The West’s market-based institutions allowed successful innovators to earn large gains while unsuccessful innovators and non-innovating firms suffered losses. (4) The growth of Western science nurtured economic growth produced by innovators who were typically well-versed in engineering and Newtonian mechanistic science.

What was impressive about this book and what made me recommend it (on the back cover) was how it succeeded in covering the full range of Smith’s work while demonstrating that it possesses a common unifying thread.

The author has already written a learned treatment of Smith (based on his doctoral dissertation); this volume, as befits a designedly introductory book, is written without jargon, in careful, clear prose. While students will gain the most benefit (the purpose of the series of which it is a part), it is, as well as informative, accessible to anyone with an initial interest in Smith, which it will succeed in broadening and deepening. 

The aims of economic development are often said to be higher incomes, industrialization, efficient investment, and poverty alleviation.

Amartya Sen argues for a broader goal: increasing the capability of all human beings to achieve those things that they most value.

Such an agenda implies more ambitious goals for empowering people, especially in poor countries, to begin a process of expanding the real freedoms that people enjoy: education, health care, longevity, and the ability to influence political decisions.

Sen, a Nobel laureate in economics, draws on a lifetime of thought about human predicaments, famines, and poverty, how to define one’s capabilities, and the meaning of one’s ‘standard of living.’

Rather than offering specific recipes, this book provides a provocative framework for thought. 

This is a lively and engaging book that bears its learning lightly. That stylistic presentation is coupled with a broad agenda to counter common assumptions and distortions about Smith, with the aim, as Muller himself declares, to recover Smith’s own intentions from subsequent misreadings.

While opinionated it is even-handed, neither bland nor strident. What singles out this book and what I found distinctively insightful was a lengthy discussion of the differing receptions of Smith’s work in the two-hundred years since his death.