I have had the privilege to teach the history of political theory from Plato to today for decades and to discuss texts such as the five I mentioned with very gifted students. No matter how often I return to such works, I always find something new in them and it is a pleasure to see how students learn to love reading for themselves what can be daunting works, once they overcome the fear of opening the great works and the initial challenge of seventeenth- and eighteenth-century prose.
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.
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labour, productivity, and free markets.
I’ve studied Smith and his Scottish contemporaries, off and on, for over fifty years. My whole professional career has been spent at Glasgow University where Smith was both a student and later professor. I thus have a personal affinity to him and his work, all the more so because his published writings were all trailed in his professorial classroom. While I have published extensively on Smith, the particular book of mine that I’ve selected was chosen because I wanted to distill all my scholarship into a volume that would be accessible to non-academics.
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.
Adam Smith (1723-1790) is famous around the world as the founding father of economics, and his ideas are regularly quoted and invoked by politicians, business leaders, economists, and philosophers. However, considering his fame, few people have actually read the whole of his magnum opus The Wealth of Nations - the first book to describe and lay out many of the concepts that are crucial to modern economic thinking. The Routledge Guidebook to Smith's Wealth of Nations provides an accessible, clear, and concise introduction to the arguments of this most notorious and influential of economic texts. The Guidebook examines:
The nonprofit sector is important to society and I often marvel at how many of us – which is to say all of us – have been touched by the generosity of others. With few exceptions, anyone who has graduated from college, who has been admitted to a hospital, who has attended a faith-based service, who has examined art at a gallery, who – literally, and there are no exceptions here – breathes air has benefited from the work of nonprofit organizations and the philanthropists who support them. It is therefore important to me to understand how the system works and how important charities are to society and a functioning democracy.
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.
The foundation for a general system of morals, this 1749 work is a landmark in the history of moral and political thought. Readers familiar with Adam Smith from The Wealth of Nations will find this earlier book a revelation. Although the author is often misrepresented as a calculating rationalist who advises the pursuit of self-interest in the marketplace, regardless of the human cost, he was also interested in the human capacity for benevolence — as The Theory of Moral Sentiments amply demonstrates. The greatest prudence, Smith suggests, may lie in following economic self-interest in order to secure the basic necessities.…
I’ve studied Smith and his Scottish contemporaries, off and on, for over fifty years. My whole professional career has been spent at Glasgow University where Smith was both a student and later professor. I thus have a personal affinity to him and his work, all the more so because his published writings were all trailed in his professorial classroom. While I have published extensively on Smith, the particular book of mine that I’ve selected was chosen because I wanted to distill all my scholarship into a volume that would be accessible to non-academics.
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.
Counter to the popular impression that Adam Smith was a champion of selfishness and greed, Jerry Muller shows that the Inquiry into the Nature and Causes of the Wealth of Nations maintained that markets served to promote the well-being of the populace and that government must intervene to counteract the negative effects of the pursuit of self-interest. Smith's analysis went beyond economics to embrace a larger "civilizing project" designed to create a more decent society.
AO: I have been intrigued by the Adam and smith (a play on Adam Smith’s name due to K. Boulding) of social sciences ever since, as a graduate student, I was given the privilege to teach a history-of-thought course. I found a lot of wisdom in Smith’s works and continue to find it with every new read. BW: I first met Adam Smith when I was studying for my master’s degree in economics almost twenty years ago. Since then, I have enjoyed rereading him, always finding new sources of fascination and insights. For me, Smith's work is endlessly rich and remains astonishingly topical, three centuries after his birth.
Part of the series meant to cater to “those new to philosophy” while also being “essential reading for those interested in the subject at any level.” It’s a little bit like squaring the circle. But Fleischacker (also the author of an excellent book on Smith’s Wealth of Nations almost twenty years back) manages to do so.
There are two ingredients that make Fleischacker’s latest book such a must-read. First, his ability to synthesize complicated issues (such as what distinguishes Smith’s and Hume’s theories of self-command) in language accessible to motivated laypeople. Second, his outstanding scholarship.
Fleischacker really knows his stuff, as reflected in the richness of the footnotes to each of the chapters. Many of them are little gems and literature reviews of consistently high quality.
Adam Smith (1723-1790) is widely regarded as one of the great thinkers of the Enlightenment period. Best-known for his founding work of economics, The Wealth of Nations, Smith engaged equally with the nature of morality in his Theory of Moral Sentiments. He also gave lectures on literature and jurisprudence, and wrote papers on art and science.
In this outstanding philosophical introduction Samuel Fleischacker argues that Smith is a superb example of the broadly curious thinkers who flourished in the Enlightenment-for whom morality, politics, law, and economics were just a few of the many fascinating subjects that could be illuminated by…
In 2021 I retired as Schwarz-Taylor Professor of German at Oxford. For many years I had been interested not only in German literature but in European literature and culture more broadly, particularly in the eighteenth century. Oxford is a centre of Enlightenment research, being the site of the Voltaire Foundation, where a team of scholars has just finished editing the complete works of Voltaire. When in 2013 I was asked to write a book on the Enlightenment, I realized that I had ideal resources to hand – though I also benefited from a year’s leave spent at Göttingen, the best place in Germany to study the eighteenth century.
Edinburgh, the principal centre of the Scottish Enlightenment (though flanked by Glasgow and Aberdeen), saw an extraordinary concentration of creative intellectuals who met to debate the principles of society, history, economics, and philosophy. They included David Hume, who made epoch-making contributions to all these subjects, and Adam Smith, who after giving up his chair at Glasgow lived nearby at Kirkcaldy writing The Wealth of Nations. Buchan not only recreates the intellectual atmosphere but shows how the failure of the 1745 Rebellion prompted Scotland to become a rapidly modernizing society.
In the early 18th century, Edinburgh was a filthy backwater town synonymous with poverty and disease. Yet by century's end, it had become the marvel of modern Europe, home to the finest minds of the day and their breathtaking innovations in architecture, politics, science, the arts, and economies - all of which continues to echo loudly today. Adam Smith penned "The Wealth of Nations". James Boswell produced "The Life of Samuel Johnson". Alongside them, pioneers such as David Hume, Robert Burns, James Hutton, and Sir Walter Scott transformed the way we understand our perceptions and feelings, sickness and health, relations…
AO: I have been intrigued by the Adam and smith (a play on Adam Smith’s name due to K. Boulding) of social sciences ever since, as a graduate student, I was given the privilege to teach a history-of-thought course. I found a lot of wisdom in Smith’s works and continue to find it with every new read. BW: I first met Adam Smith when I was studying for my master’s degree in economics almost twenty years ago. Since then, I have enjoyed rereading him, always finding new sources of fascination and insights. For me, Smith's work is endlessly rich and remains astonishingly topical, three centuries after his birth.
Phillipson’s book is, for us, the best intellectual biography about Smith.
It provides a balanced overall account of Smith’s economics and wider thought and traces their origins and evolution back to the places where Smith lived. It is a very fine read indeed. Quite possibly it is the most insightful book yet on Smith’s life and work.
It is a must-read for Smith scholars. It is also an important corrigendum to the many accounts that describe Smith as an absent-minded professor, somewhat detached from the world. Phillipson argues convincingly that Smith, while he may have had Asperger’s, was a man of the world, a very competent administrator in academic and other matters, and a much sought-after policy advisor at the highest level.
Adam Smith is celebrated all over the world as the author of The Wealth of Nations and the founder of modern economics. A few of his ideas - such as the 'Invisible Hand' of the market - have become icons of the modern world. Yet Smith saw himself primarily as a philosopher rather than an economist, and would never have predicted that the ideas for which he is now best known were his most important. This book, by one of the leading scholars of the Scottish Enlightenment, shows the extent to which The Wealth of Nations and Smith's other great…
I’m an associate professor of economics at Grove City College, where I love introducing students to the economic point of view. My first book, listed below, pursues the relentless logic of tradeoffs. My second book (co-authored with Art Carden), Mere Economics: Lessons for and from the Ordinary Business of Life, is due out in early 2025. It examines how human beings expand their options through cooperation. For me, internalizing the economic point of view is a lifelong project. I think it will become yours, too, if you try these books!
The greatest book ever written in economics isn’t Adam Smith’s The Wealth of Nations, Karl Marx’s Das Kapital, or John Maynard Keynes’ The General Theory, but this book by Ludwig von Mises. If you only ever read one book in economics, make it this one—even if it takes five years to traverse. You’ll be digesting the insights for a lifetime.
Everything is here. How we ought to think about economics. How we can most fruitfully analyze society. How can humans live better together than they could apart? What makes some societies rich and others poor? Mises originally thought of calling the book “Social Cooperation,” two words that deftly capture the essence of this 800+ page treatise.
The great book first appeared in German in 1940 and then disappeared, only to reappear in English in 1949. It was a sensation, the largest and most scientific defense of human freedom ever published. And now, in 2010, the seemingly impossible has happened: Human Action, the masterwork of the ages, is in a pocketbook edition at a ridiculously low price.
History might record that this edition is the one that changed the world. Mises's fantastic and timeless treatise has never been in a more portable, giftable edition.
Just imagine: giving or receiving this gem, this treasure, as a stocking stuffer!…
The Spirit of Capitalism: Nationalism and Economic Growth is the second volume of my nationalism trilogy. When I published the first volume,Nationalism: Five Roads to Modernity, the accepted view on the subject of nationalism was that it is a product of economic development, specifically, of industrialization and capitalism. On the basis of historical evidence, I proved that its emergence had nothing to do with these economic phenomena: in fact, it preceded both. Reviews of Nationalism, noting that, for this reason, economic developments could not have caused nationalism, raised the question what relationship, then, did exist between nationalism and the economy, and this led me to investigate it.
The Wealth of Nations is the foundational text of modern economics, reflecting – contrary to the common notion – the clearly national consciousness of its author and demonstrating that modern economic imagination (and activity) is a product of nationalism.
Its nationalist inspiration is the main reason I recommend reading it, for the commonplace interpretations of this classic miss this most interesting aspect of the work. In addition, it is a delightful text.
First published in 1776, the year in which the American Revolution officially began, Smith’s Wealth of Nations sparked a revolution of its own. In it Smith analyzes the major elements of political economy, from market pricing and the division of labor to monetary, tax, trade, and other government policies that affect economic behavior. Throughout he offers seminal arguments for free trade, free markets, and limited government.
Criticizing mercantilists who sought to use the state to increase their nations’ supply of precious metals, Smith points out that a nation’s wealth should be measured by the well-being of its people. Prosperity in…
Everyone should be able to live a meaningful life in a place they love, where their day-to-day efforts participating in society result in the community becoming a more prosperous place over time, for themselves, and for those who come next. I founded Strong Towns to help people recognize that they have this opportunity, that they and their neighbors working together have the capacity to make things better, despite everything else going on. Cities are works in progress. It is not our job to finish ours, but we all have a role to play in making it stronger.
I was introduced to Jane Jacobs as required reading during graduate school. I’m convinced that most urban planners who claim to adore Jacobs have not actually read her, particularly Cities and the Wealth of Nations, which is my favorite. Its thoroughly brutal logic stands in contrast to nearly everything we still do to manage our cities. Jacobs is an insightful genius.
In this eye-opening work of economic theory, Jane Jacobs argues that it is cities—not nations—that are the drivers of wealth. Challenging centuries of economic orthodoxy, in Cities and the Wealth of Nations the beloved author contends that healthy cities are constantly evolving to replace imported goods with locally-produced alternatives, spurring a cycle of vibrant economic growth. Intelligently argued and drawing on examples from around the world and across the ages, here Jacobs radically changes the way we view our cities—and our entire economy.
