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The Condensed Wealth of Nations
The Condensed Wealth of Nations, by Dr Eamonn Butler, condenses Smith’s work and explains the key concepts in The Wealth of Nations clearly. This book also contains a primer on The Theory of Moral Sentiments, Adam Smith’s other great work that explores the nature of ethics. Download from: http://www.adamsmith.org/sites/defaul...
86 pages, ebook
First published January 1, 2011
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Displaying 1 - 22 of 22 reviews
February 4, 2016
This edited version is produced by the Adam Smith Institute. Unfortunately for the Adam Smith Institute, Adam Smith isn't quite as free market as they would like us to believe. This presents challenges for how they go about publishing his major work. They get around this by editing out a lot of his critique of those who work in finance and rich merchants.
They also helpfully add comments like "At best his words are misleading, at worst they are mistaken" underneath parts of the text setting out Smith's theories on things like the (large) role for government or the labour theory of value.
This edit does summarise some of Smith's work reasonably well and it's an ambitious project but overall it is a highly selective and misleading edit of Adam Smith.
They also helpfully add comments like "At best his words are misleading, at worst they are mistaken" underneath parts of the text setting out Smith's theories on things like the (large) role for government or the labour theory of value.
This edit does summarise some of Smith's work reasonably well and it's an ambitious project but overall it is a highly selective and misleading edit of Adam Smith.
May 6, 2016
A useful sprint through "The Wealth of Nations", a book various courses I've undertaken over the years have as suggested reading, but the size of which has daunted me :).
Also had the advantage of being free :)
Also had the advantage of being free :)
February 18, 2014
While this is an ostensibly fair and well-thought abridgement and summary of Smith's works, it's impossible to do full justice to either in so few words. Still, it will probably suffice for a reader who won't take the time to read Wealth in full, provided the reader is at least moderately familiar with contemporary economic theory and philosophy, which, being based largely on Smith, will help fill the gaps this leaves. However, it is woefully inadequate in it abbreviation of Moral Sentiments, which should be read, in full, prior to Wealth.
Condensed deserves five stars for its quality and truth to the source material, but only two or three for its suitability as a replacement of the full works it covers.
Condensed deserves five stars for its quality and truth to the source material, but only two or three for its suitability as a replacement of the full works it covers.
March 2, 2022
It's hard to judge an abridged work, but I don't plan on reading the unabridged 950 page original any time soon. I feel like I have a better grasp of Smith's ideas. (Somehow, he doesn't seem as capitalist as modern day capitalists, which is interesting). He even cares for the little man. (Marx picked up on this thread and ran with it).
May 9, 2016
The succinct language and excellent choice of excerpts from WON blends to creates a simple to understand experience of Adam Smith's revolutionary masterpiece.
July 27, 2020
This is a summary of the much longer Wealth of Nations (which I admit I've tried to read several times but never made it all the way through). It was fascinating mostly because it doesn't match up with many today who see themselves as advocating Smith's ideals of free market at the expense of big government. It even contains unexpected criticism of the wealthy, especially idle Scottish landowners.
On some points Smith (or Butler summarising him) makes powerful points. In particular the idea of productive and unproductive work seems a more useful concept than the more famous "invisible hand" of the free market, which is barely mentioned. This might be well known among economists, but to me, this idea made it clear why too many government and social services will ultimately weigh heavily on a nation's wealth.
Another point, well made, is that trade can benefit both parties. Whereas, today, those of the far left might take offence at the profit which is being extracted (particularly by large companies) - Smith argues convincingly that actually both parties benefit, not just the seller.
Smiths ideas are powerful, but I'm not sure that Smith always right in practice. Some examples which bugged me as I read were:
Neo-liberal trade policies promoted to developing counties (often by the US, EU and IMF/World Bank) has often seen developing countries open their markets to cheaper and heavily subsidised competition. This often resulted in the collapse of their deregulated industries, for no obvious benefit.
Another counter-example, which grated as I read the book, is when richer countries' companies extract the mineral resources of poorer countries. Although, on paper, that increases the GDP of the poorer country in the way Smith would like to maximise, the benefits to the developing country are far from clear. This is particularly so when many of the key workers are FIFO foreigners, profits go almost entirely overseas and when mining leads to longer term environmental problems.
Finally, with increasing automation Smith's method of assessing the "wealth" of a nation seems questionable. With excessive automation, productive workers can almost entirely be done away with. So, a country could have a huge GDP, average productivity though the roof, and yet many in that country simply unable to find useful work.
Food for thought.
On some points Smith (or Butler summarising him) makes powerful points. In particular the idea of productive and unproductive work seems a more useful concept than the more famous "invisible hand" of the free market, which is barely mentioned. This might be well known among economists, but to me, this idea made it clear why too many government and social services will ultimately weigh heavily on a nation's wealth.
Another point, well made, is that trade can benefit both parties. Whereas, today, those of the far left might take offence at the profit which is being extracted (particularly by large companies) - Smith argues convincingly that actually both parties benefit, not just the seller.
Smiths ideas are powerful, but I'm not sure that Smith always right in practice. Some examples which bugged me as I read were:
Neo-liberal trade policies promoted to developing counties (often by the US, EU and IMF/World Bank) has often seen developing countries open their markets to cheaper and heavily subsidised competition. This often resulted in the collapse of their deregulated industries, for no obvious benefit.
Another counter-example, which grated as I read the book, is when richer countries' companies extract the mineral resources of poorer countries. Although, on paper, that increases the GDP of the poorer country in the way Smith would like to maximise, the benefits to the developing country are far from clear. This is particularly so when many of the key workers are FIFO foreigners, profits go almost entirely overseas and when mining leads to longer term environmental problems.
Finally, with increasing automation Smith's method of assessing the "wealth" of a nation seems questionable. With excessive automation, productive workers can almost entirely be done away with. So, a country could have a huge GDP, average productivity though the roof, and yet many in that country simply unable to find useful work.
Food for thought.
December 15, 2018
Just finished. Only 90 pages and an easy read but I believe it captures the essence of Adam Smith and timeless principles. An interesting note is that Smith wrote Wealth of Nations shortly before the United States broke openly with Great Britain in the mid-1770s. He has warnings for Britain's leaders in several spots regarding the indignities being placed on the North American colonies that would eventually result in revolt.
"The Theory of Moral Sentiments" was actually the book that made him famous prior to writing Wealth of Nations while he was a Professor of Philosophy. This fame led to him being funded to tutor the son of a wealthy family allowing him the time to research and write the Wealth of Nations. His ethical analysis is much like his later economic analysis ... morality and economics are both functional systems that work on natural instinctive principles and left mostly to themselves work reasonably well to promote human welfare. Society is at its best with virtuous leaders who embody prudence (seek to limit excesses), justice (promote rules preventing us from harming others), and beneficence (actively promote happiness in others). And, without Conscience and Morality ... Perfect Liberty is not possible.
"The Wealth of Nations" is founded on pursuing "Perfect Liberty" allowing moral and economic natural systems to flourish with moderate rules and regulation. This leaves the developed state with three basic duties: defense, justice, and limited public works.
His defining Gross National Product (GNP) is foundational to modern economic theory and the timeless principles that wages cannot rise if GNP is stagnant and GNP can only grow through two mechanisms; a) the number of workers grow, and/or b) worker productivity grows.
Smith was also very clear that countries seeking to go it alone in the world are less successful than countries that seek trade partners with low barriers allowing the global marketplace to work.
Of note ... Smith was a strong proponent of the consumer and the common man & woman. He was highly skeptical of the owners of capital ... that while being essential to a growing economy their motives in seeking regulation were invariably at odds with the common person in society.
"The Theory of Moral Sentiments" was actually the book that made him famous prior to writing Wealth of Nations while he was a Professor of Philosophy. This fame led to him being funded to tutor the son of a wealthy family allowing him the time to research and write the Wealth of Nations. His ethical analysis is much like his later economic analysis ... morality and economics are both functional systems that work on natural instinctive principles and left mostly to themselves work reasonably well to promote human welfare. Society is at its best with virtuous leaders who embody prudence (seek to limit excesses), justice (promote rules preventing us from harming others), and beneficence (actively promote happiness in others). And, without Conscience and Morality ... Perfect Liberty is not possible.
"The Wealth of Nations" is founded on pursuing "Perfect Liberty" allowing moral and economic natural systems to flourish with moderate rules and regulation. This leaves the developed state with three basic duties: defense, justice, and limited public works.
His defining Gross National Product (GNP) is foundational to modern economic theory and the timeless principles that wages cannot rise if GNP is stagnant and GNP can only grow through two mechanisms; a) the number of workers grow, and/or b) worker productivity grows.
Smith was also very clear that countries seeking to go it alone in the world are less successful than countries that seek trade partners with low barriers allowing the global marketplace to work.
Of note ... Smith was a strong proponent of the consumer and the common man & woman. He was highly skeptical of the owners of capital ... that while being essential to a growing economy their motives in seeking regulation were invariably at odds with the common person in society.
March 30, 2019
Adam Smith's Wealth of Nation is a book that might have more effect in today's world than even the major religious books. However although many of us have learned the key concepts in ec101 or equivalent courses, so few of us have ever read the full text. Thanks to Eamonn Butler, co-founder and the head of Adam Smith Institute, now it is possible to learn more about Smith's masterpiece in a very short book with an easy to understand language.
Be aware: If you think the Wealth of Nations was about the superiority of the rich and an "invisible hand" increasing the Gini score, you will be deeply surprised.
Be aware: If you think the Wealth of Nations was about the superiority of the rich and an "invisible hand" increasing the Gini score, you will be deeply surprised.
July 9, 2021
I've tried to read Adam Smith's magnum opus multiple times, but have been put off by the verbose language and the sheer length of this book. This condensed version tries to pick salient features of Adam Smith's work, with a little commentary from Butler. The book doesn't have a set flow, and the author keeps on switching between various subjects, which can render the reader confused. A condensed version of his other book 'Theory of Moral Sentiments' is also attached at the end, which is a great summary of the book that made Adam Smith famous in his time.
August 12, 2017
This is a simple and quick read that I would recommend to those who have basic to no knowledge on economics and would want to get a quick idea of Adam Smith's ideas. For readers who are already aware of Smith's ideas, this would not be the most insightful book for you as the information is more general. For people who want a more in depth understanding of Smith's ideas, I would recommend them to read the books Smith wrote.
April 19, 2019
Good summary on the original text. Although it is unavoidable that the author cherry-picks concepts that best align his belief, nevertheless this book provides insights into the different sources of wealth in the modern context. For those who think this book cuts out much of the original book, you will be surprised on how much time you could save if you had to churn down all the ancient case studies.
June 14, 2022
As someone who got bored of reading about corn prices among other irrelevant things in Adam Smith's verbose magnum opus, I decided to read this condensed version. It's written like a textbook, so it's easy to understand though I would have appreciated more in-depth commentary and critique of the source material.
I feel like I have gotten a better grasp of Adam Smith's ideas and it was interesting to read that he wasn't fan of monopolies and bosses trying to pick the workers' fruit of labour. He also had a distasteful view of landlords.
I feel like I have gotten a better grasp of Adam Smith's ideas and it was interesting to read that he wasn't fan of monopolies and bosses trying to pick the workers' fruit of labour. He also had a distasteful view of landlords.
February 26, 2018
Good summary for the original book. This book explains the foundation of liberalism in economy.
The second part of of the Theory of Moral Sentiments is not as good asThe Wealth of Nations one.
The second part of of the Theory of Moral Sentiments is not as good asThe Wealth of Nations one.
January 19, 2023
better than I thought it would be
January 10, 2024
Freed markets
August 24, 2021
I like the book’s textbook-y style of writing, extremely concise by never having a word in excess and with advanced words but not necessarily so.
This book shows Adam Smith’s ingenuity as he founds the cornerstones of capitalism that are still relevant 3 centuries later through rationalisation and observations alone, namely: specialization being key to efficiency, the division of labour, the importance of free trade and et cetera.
He also critiques many facets of modern capitalism such as rent-seeking where owners of land take away profit without adding value, the power contrast between employers and employees, and price controls.
I would recommend this book due to its importance in influencing the British Empire into opening markets and free domestic and international trade and Adam’s Smith influence on many philosophers, economies, and nations.
This book shows Adam Smith’s ingenuity as he founds the cornerstones of capitalism that are still relevant 3 centuries later through rationalisation and observations alone, namely: specialization being key to efficiency, the division of labour, the importance of free trade and et cetera.
He also critiques many facets of modern capitalism such as rent-seeking where owners of land take away profit without adding value, the power contrast between employers and employees, and price controls.
I would recommend this book due to its importance in influencing the British Empire into opening markets and free domestic and international trade and Adam’s Smith influence on many philosophers, economies, and nations.
September 30, 2022
This book simplified Adam Smith's thought about how to increase the wealth of nations. I've never finished the actual "Wealth of Nations" so i don't know whether this book's content truly reflect the original one or not. But, apart from that, the explanation provided in this book simple enough for economics undergraduate like me to understand.
The idea told in "Wealth of Nations" was a breakthrough back then. When people thought that wealth are rare metals like gold and silver, Adam Smith argue that wealth is not precious metals, but goods that can be consumed. This is why level of economy within a nation is measured with GDP (Gross Domestic Product).
The paragraph just now is one of the main idea of this book. There are many more interesting ideas is the book like why taxing goods is only making the nation poorer, when the government should intervene and when is not, and why capitalism is good for everyone.
After reading this book, i expect the reader to think less badly about capitalism just like me. I highly recommend this book to enrich your mind about capitalism, the dominant economic ideology nowadays.
The idea told in "Wealth of Nations" was a breakthrough back then. When people thought that wealth are rare metals like gold and silver, Adam Smith argue that wealth is not precious metals, but goods that can be consumed. This is why level of economy within a nation is measured with GDP (Gross Domestic Product).
The paragraph just now is one of the main idea of this book. There are many more interesting ideas is the book like why taxing goods is only making the nation poorer, when the government should intervene and when is not, and why capitalism is good for everyone.
After reading this book, i expect the reader to think less badly about capitalism just like me. I highly recommend this book to enrich your mind about capitalism, the dominant economic ideology nowadays.
June 27, 2017
The title is fitting. Smiths economic ideas are so condensed that there's hardly anything really interesting left of them. Butler clears up with some misconceptions here and there, describes the bare essentials of Smith and that's about it. The chapter on the Theory of Moral Sentiments was far more interesting, also because this aspect of Smiths legacy is often overlooked and never entered the mainstream of academic discourse.
August 25, 2016
While the summary of the book by the editor was greatly made, I feel it left many important aspects unexplained, and it failed to bring to present times many examples that are no longer applicable, leaving it at a very basic level. Still, good read for anyone willing to get the basics of capitalism.
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August 31, 2018Nothing new if you've taken an econ class, but interesting for the history. Lots of historical examples of econ concepts. Also a lot of the book is dedicated to dispelling economic misconceptions at the time with then very new ideas that we now take for granted which is cool.
June 3, 2020
Good enough as a biased introduction to the original.
April 8, 2022
Quick read. Most of the views seem self evident which shows how influential Adam Smith’s theories have been.
Displaying 1 - 22 of 22 reviews