The Essential Adam Smith

by Adam Smith, Robert L. Heilbroner (Editor), Lawrence J. Malone (Editor)

The sheer strength of his great work, The Wealth of Nations, discourages many from attempting to explore its rich and lucid arguments. In this brilliantly crafted volume, one of the most eminent economists of our day provides a generous selection from the entire body of Smith's work, ranging from his fascinating psychological observations on human nature to his famous treatise on what Smith called a "society of natural liberty," The Wealth of Nations.

Among the works represented in this volume in addition to The Wealth of Nations are The History of Astronomy, Lectures on Jurisprudence, The Theory of Moral Sentiments, and Smith's correspondence with David Hume.

Before each of Smith's writings Robert Heilbroner presents a clear and lively discussion that will interest the scholar as much as it will clarify the work for the non-specialist. Adam Smith emerges from this collection of his writings, as he does from his portrait in Professor Heilbroner's well-known book, as the first economist to deserve the title of "worldly philosopher."

Genres: Economics, Philosophy, Nonfiction, Politics, History, Business, Classics

352 pages, Paperback

First published January 1, 1986

About the author

For other authors of this name, see Adam Smith.

Adam Smith FRSA FRS FRSE was a Scottish philosopher and economist who was a pioneer in thinking on political economy and a key figure during the Scottish Enlightenment. He wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations , is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline.

Authorities recorded his baptism on 16 June 1723 at Kirkcaldy.

https://en.wikipedia.org/wiki/Adam_Smith

Reviews

[Guy · Rating 3 out of 5]

I think that this is a somewhat reasonable attempt at summarizing Smith, but is to be read with caution. The summary is biased towards what supports the current 'corporatist' economic ideology, and overly censors Smith to support that and Friedman's Chicago School of Economics economics. For example, I have read Smith's The Wealth of Nations and in it he gives high praise to trade unions as something which are an example of the market place finding the correct wage, and as the only reasonable way that a rational labour force has of meeting as near equals with the overwhelming power of the owners of capital. This is the Adam Smith that is largely an abhorrence in commonly accepted economic thinking/teaching, and which every good economist pretends Smith didn't write. Also, Smith was disgusted by monetarism as being false because he argued that the true value of an object is the labour required to make it, not its dollar pegged value. He is surely turning in his grave at what we are doing to economies in his name!

So... to me the best thing about reading Heilbroner's book is to read absolutely The Wealth of Nations because the juxtaposition displays with full frontal exposure the level of the economic ideology that is alive and well. Examples of which are the recent banking collapses and the other monetary/economic failures occurring in this or that country.

[Spoust1 · Rating 5 out of 5]

This really is the one volume of Smith that everyone needs. The excerpts from Wealth of Nations are generous, but what really matters is how the volume puts it all in context. First, Heilbroner rightly includes a great deal of Smith's Theory of Moral Sentiments. Second, Heilbroner's selections are designed to give one a sense of the entirety of Smith's Theory of Moral Sentiments and Wealth of Nations; so not only does he include significant portions of these books; Heilbroner also does a nice job of summarizing those parts of Smith's texts that he is omitting. The selections from Smith's letters, the Lectures on Jurisprudence, and his writings on astronomy are welcome additions, too, though these are fairly short. This is a Greatest Hits Collection. There are a few favorite b-sides, but no deep cuts.

One can see here the origins of contemporary thinking about economics. But one also sees a figure who is a great deal more complicated than conservative ideologues would have us believe. Smith has a complex moral philosophy; a view of history akin to that of Marx (predating an inspiring it); and the beginnings of an understanding of capitalism, which is famous for emphasizing the wonders of a market economy but which also -- surprisingly, to those used to Smith-the-free-marketeer -- evinces a critical perspective on markets.

[Joel · Rating 5 out of 5]

Standing out on the shelf in the free library of Philadelphia, people were mostly reading the foreward and envoi (the collection of letters written to well known associates.) A reasonable printing and binding, definitely worth picking up if you want to know what people are talking about.

[Leilani Tañeza]

something something invisible hand something something pin making something

[Alexa · Rating 5 out of 5]

I'm currently reading this for my Classical Political Economy course, and my Professor is Laurence Malone (whom assisted Heilbroner in writing this) and (bias aside) I think it's a great read on Adam Smith. I highly recommend it.

[Eric F · Rating 3 out of 5]

The most valuable thing that this book achieves is the ability to quote Smith, as opposed to giving the typical nod to him as the father of capitalism. While aspects of Smith's view of market forces are now a little obsolete with new, modern layers that he couldn't have possibly foreseen, this collection of abbreviated works gives a robust look into his writings and influences. The most useful section of the book is the selection of aphorisms that are often quoted (or misquoted) by armchair economists.

I found it very enjoyable to read 250-year old insights that speak directly to modern day issues, as the basic tenets of the free market erode away in a so-called "progressive" world. Smith's cold analysis of the disparity between the classes, the weight that he gives to the value and risk associated with the ownership and use of stock, and his observations on the emotions and motivations that cause people to do what they do caused me to grin and shake my head on many occasions. The reader goes back and forth between musing at the almost childish simplicity of his observations and the rich, complex interactions between the many divisions of the labor that fuels the value of everything from bread to pins to carts.

While it's tougher reading than most are used to, it's well worth the effort to get back to the basics, from the pen of the original journalist of free market economics.

[Brian · Rating 4 out of 5]

This is a great compilation of some of Smith's lesser writings along with Theory of Moral Sentiments and Wealth of Nations (abridged). I ended up not disagreeing with Wealth of Nations as much as I expected. The idea of the "invisible hand" actually makes a lot of sense, though I attribute it to evolution rather than a sentient supreme being.

[Tyler · Rating 2 out of 5]

A good collection of his works. The selections and organization of the book, along with some pretty decent commentary, paint a different and more complete picture of Adam Smith than what you will read in your introduction level Economics textbooks.

[Max Bronsema · Rating 3 out of 5]

A required textbook for a history class of mine, reading Moral Sentiments has been very enlightening. The style is long prose but readable. It is kind of fun to read out loud.