Book Description
The Wealth of Nations
by Adam Smith
It is symbolic that Adam Smith’s masterpiece of economic analysis,
The Wealth of Nations, was first published in 1776, the same year as the Declaration of Independence.
In his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services. He argued passionately in favor of free trade, yet stood up for the little guy.
The Wealth of Nations provided the first--and still the most eloquent--integrated description of the workings of a market economy.
The result of Smith’s efforts is a witty, highly readable work of genius filled with prescient theories that form the basis of a thriving capitalist system. This unabridged edition offers the modern reader a fresh look at a timeless and seminal work that revolutionized the way governments and individuals view the creation and dispersion of wealth--and that continues to influence our economy right up to the present day.
Customer Reviews:
Surprisingly readable.......2007-09-12
If you have any interest at all in Economics, you'll want to go to the source. This is the source. Adam Smith lays the groundwork for the study of Economics in this very readable treatise.
Though he is discussing 18th century Britain, the topics he discusses have direct analogs in the modern American economy. Taxes, trade, money, monopoly, tarrifs, and international trade balance are all tackled with aplomb.
He really lays into Mercantilism and blasts the protectionism it engenders. Never anything less than a champion of the common man, Smith decrys monopolies and other taxes on those most unable to afford them. Though he seems to be a total free marketeer, he takes great pains to examine the types of taxes which would be useful and prudent for a government to levy.
Once or twice may be fine, but Smith uses this construction for almost every sentence in the book. It is just a stylistic gripe, but the length and complexity of each sentence make digesting the information quite a bit more difficult than it otherwise could have been. I would not be at all disappointed to see this book translated to a more modern style.
Again, if you're interested in Economics at all, this book is the place to start. There is so much good information here to be absorbed and pondered. I recommend it highly.
Adam Smith was a fabulous writer!!.......2007-08-13
Do not be dismayed by the book's substantial girth! The Wealth of Nations is not only an essential, brilliant, philosophical read for anyone interested in economics... but, it is also thoroughly entertaining and even humorous at times.
Seminal work from the father of economics.......2007-05-25
Nobody seriously involved in economics can do without this exhaustive work, originally published in five volumes as An Inquiry into the Nature and Causes of the Wealth of Nations. This classic is a pragmatic and accessible milestone in the history of economics. Its author, Adam Smith, is woven into every economics textbook. However, Smith's theories, which today often are recounted mostly in fragments, frequently incorrectly, reveal their entire social and economic innovative power only in context. Smith burst onto the scene at a time when absolutist national states monopolized the world's precious metal reserves and tried to increase their own wealth through stringent export policies. These states were motivated by an entirely new concept about national wealth: that it stemmed from the work of the country's people, not from gold. Based on that idea, economic markets should balance themselves as if guided by an "invisible hand," impelled by each individual's self-interest. The state has to provide only an orderly framework and specific public goods and services. Even though Smith's image of idealized economic and social harmony may have developed a few cracks over the course of time, his ideas have inspired many well-known economists during the past 250 years, including David Ricardo, Vilfredo Pareto, Friedrich August von Hayek and Milton Friedman. We highly recommend this seminal work.
Go with Bantam.......2007-02-12
If you're wondering which Wealth of Nations to purchase, get the Bantam paperback. This is Smith's complete and unabridged final version of the Wealth of Nations. It provides footnotes on Smith's wording, the historical context, and the differences between Smith's 5th edition and previous editions. In addition, the margin of the pages contain useful notes which summarize Smith's writing. For the price, this is clearly the superior choice.
Now, if you're wondering whether you should undertake such an endeavor, let me just say that Adam Smith was a professor of rhetoric. He explains everything so precisely, yet so comprehensible. Smith's writing is by no means difficult; I actually found it a surprisingly easy read given its antique nature. Once you get through the first chapter, you get quite used to Smith's writing style. If you put adequate time and energy into it, it's not hard at all.
A must read if you are in economics.......2006-09-02
The works of Adam Smith are an essential part of universal culture, especially for economics. The introduction to the book places you at the time it was written, which makes it even more valuable.
Book Description
As one of the first titles in Atlantic Monthly Press’ “Books That Changed the World” series, America’s most provocative satirist, P. J. O’Rourke, reads Adam Smith’s revolutionary The Wealth of Nations so you don’t have to. Recognized almost instantly on its publication in 1776 as the fundamental work of economics, The Wealth of Nations was also recognized as really long: the original edition totaled over nine hundred pages in two volumes—including the blockbuster sixty-seven-page “digression concerning the variations in the value of silver during the course of the last four centuries,” which, “to those uninterested in the historiography of currency supply, is like reading Modern Maturity in Urdu.” Although daunting, Smith’s tome is still essential to understanding such current hot-topics as outsourcing, trade imbalances, and Angelina Jolie. In this hilarious, approachable, and insightful examination of Smith and his groundbreaking work, P. J. puts his trademark wit to good use, and shows us why Smith is still relevant, why what seems obvious now was once revolutionary, and why the pursuit of self-interest is so important.
Customer Reviews:
A Waste of Time if You Want to Understand Adam Smith.......2007-10-02
I got this book because I wanted to read something on Smith, an author who is not, contrary to what is repeatedly said by other reviewers, difficult to read or superseded by later writers. What I quickly realized was that O'Rourke has no intention of seriously engaging with Smith at all and that the book might easily have been written without his having read the Wealth of Nations at all using a research assistant to pull out some quotes to sprinkle around. That he didn't read the book is the only explanation for the presence of so many gross errors in the book, such as when O'Rourke lumps labor unions together with chartered companies, etc. as a market distorting institution that Smith abhors; whereas, as any reader of the book knows, Adam Smith is quite explicit in his defense of collective bargaining for workers and condemns the laws of his day that impede workers' ability to organize. Whatever one thinks of these matters, Smith was clear as to his own view.
There is also a generally philistine and puerile element to O'Rourke's style and humour which I found extremely grating. If you are interested in work of Adam Smith, don't waste your time with this book. Just because O'Rourke didn't read the original doesn't mean you ought not to. So save your money and but a copy of the Wealth of Nations itself if you haven't read it already.
Recommend highly.......2007-09-02
P. J. O'Rourke makes Adam Smith's master work come alive with witty asides and modern examples to succinctly illustrate principles that Smith had expanded upon at daunting length. Everyone who thinks they might someday want to go into business, run for office, vote, or engage in intelligent conversation should read it, as should those who just want thought-provoking entertainment. The lengthy "dictionary" of quotations in the back is an added bonus.
A terrific guide to the ideas and writings of Adam Smith - with some jokes, too.......2007-08-13
Adam Smith has been written off my many people who find themselves too sophisticated for his 18th Century views. Each time, it is they who prove themselves and their ideas dispensable. Adam Smith continues to influence new generations of people trying to understand not only economics, but what Smith called Moral Sentiments. Was Smith a Prophet? Of course not. Did he get everything right? No. But there is more right there than you will likely find in a library full of most other writers on economics who think they know more than Smith.
However, there are many fundamental concepts that have become central to our understanding of how human beings interact and create wealth that some of us treat him with a kind of devotion and veneration. We probably overdo it. Still, like scripture, he is more often talked about than read. And that is why the wonderful humorist P.J. O'Rourke wrote this book. It is a short guide through Smith's "The Wealth of Nations" (a much shortened title).
O'Rourke also gives us a brief view of Smith's "The Theory of Moral Sentiments" and a very brief look at Smith's life and times. As O'Rourke quote William Kristol, most of us only read in Smith. It is just so long and dry and tied to his times, it takes a special reason to read every darn word. O'Rourke did so he could write this book.
While there is much to enjoy in the book, O'Rourke has created a dictionary of Smith's best sayings (lightly edited). He also provides a list of other readings and points you to the best editions of Smith's works.
This book isn't just a funny book that riffs on Smith. Yes, O'Rourke is great at making things funny, to the point you will laugh out loud. But his humor is most often insightful rather and it is a way of getting the reader to take in the point thinking he is getting dessert. I like this insight from page 62:
"A recurring lesson in "The Wealth of Nations" is that we shouldn't get greedy. And no people are as rapacious and grabby as those who work for the public good. They don't want mere millions or billions of dollars to satisfy personal avarice. They seek the trillions of dollars necessary to make life on earth better for everyone. The World Bank should content itself with private good, from which all good things flow"
Yeah, it isn't that funny. But it is concise and right with a nice bite.
Get it, read it and enjoy it. And, hey, you will probably learn something. Especially if you haven't read Smith (or even read much in his writings).
This was my O'Levels assignment!.......2007-07-25
This is the best book I have read so far this year. The author succeeds in presenting this heavy work in an entertaining and humorous way. I think anyone reading this book will be encouraged to read the Wealth of Nations and inquire more on Adam Smith, if they haven't already done so.
The Wealth of Nations, a book of free-market thinking and a book that shapes the world to this day, was first published in 1776, the year The United States of America gained its independence from Britain. The book was instantly recognized as being fundamental to an understanding of Economics. The original edition totaled over nine hundred pages in two volumes, which was considered long. It is a large volume because Adam Smith felt he was at the end of his life and he wanted to say all he could. In fact, The Wealth of Nations was orally dictated, significantly contributing to its length.
According to P.J. O'Rourke, to understand The Wealth of Nations, you also need to read Smith's first book, The Theory of Moral Sentiments. But now with On The Wealth of Nations, you don't need to read either, or so the book back cover claims. In fact, this book reads like a Cliff Notes, with laughter added.
Adam Smith only wrote three books, the third, on law, being left uncompleted.
P.J. Rourke shows us why Smith is still relevant today, why what seems obvious now was once revolutionary, and how the division of labor, freedom of trade, absence of government interference (the famous two words, `invisible hand'), and pursuit of self-interest espoused by Smith are vital to the welfare of mankind. There is nothing inherently wrong with the pursuit of self-interest. That was Smith's best insight. Smith further gives suggestions on how governments should be run, and how various classes of men should behave. Smith illuminated the mystery of economics in one flash: "Consumption is the sole end and purpose of all production."
Far from being an avatar of capitalism, Smith was actually a moralist of liberty. O'Rourke says, "it's as if Smith, having proved that we can all have more money, then went on to prove that money doesn't buy happiness. And it doesn't. It rents it." (I just love this quote!)
I had to read Wealth of Nations for my O-Levels, and I got a B, the highest score in my class. I was hoping for an `A' actually, but I didn't have O'Rourke's book at the time.
Some interesting quotes from the book:
"Every tax, however, is to the person who pays it a badge, not of slavery, but of liberty. It denotes that he is subject to government, indeed, but that, as he has some property, he cannot himself be the property of a master."
"To improve land with profit requires an exact attention to small savings and small gains, of which a man born to a great fortune...is very seldom capable."
Never complain that the people in power are stupid. It is their best trait. In recent years we've seen a variety of powerful figures barter their authority for the gratification of childish vanities. Perhaps the Saudi royal family will be next to suffer the fate that Adam Smith described: "Having sold their birth-right, not like Esau for a mess of pottage in time of hunger and necessity, but in the wantonness of plenty, for trinkets and baubles, fitter to be the playthings of children than the serious pursuits of men, they became as insignificant as any substantial burgher or tradesman in a city.
In 1776, Britain was the most powerful country on earth. The reason for this, wrote Smith, was plain: "That security which the laws in Great Britain give to every man that he shall enjoy the fruits of his own labour, is alone sufficient to make any country flourish."
Military power depends on economic success. Economic success depends on freedom. "No regulation of commerce," Smith wrote, "can increase the quantity of industry in any society... It can only divert a part of it into a direction into which it might not otherwise have gone."
The rulers of Great Britain have, for more than a century past, amused the people with the imagination that they possessed a great empire on the west side of the Atlantic. This empire, however, has hitherto existed in imagination only. It has hitherto been, not an empire, but the project of an empire; not a gold mine, but the project of a gold mine...It is surely now time that our rulers should either realize this golden dream, in which they have been indulging themselves, perhaps, as well as the people; or, that they should awake from it themselves, and endeavour to awaken the people. If the project cannot be completed, it ought to be given up...Great Britain should free herself from the expence of defending those provinces in time of war, and of supporting any part of their civil or military establishments in time of peace, and endeavour to accommodate her future views and designs to the real mediocrity of her circumstances."
"What institution of government could tend so much to promote the happiness of mankind as the general prevalence of wisdom and virtue? All government is but an imperfect remedy for the deficiency of these."
One reviewer on Amazon.com had the following to say:
"Socialism can work, but it requires people with the qualities of saints. The difference between O'Rourke's rant and the reality of earthly socialism was aptly seen by Leacock, who explained `socialism won't work except in Heaven, where they don't need it, or in Hell, where they already have it.' "
Adam Smith died on July 17, 1790, leaving us a book that is still shaping our way of thinking! His stoic attitude toward death, recorded in his Moral Sentiments, was as follows: "Walk forth without repining; without murmuring or complaining. Walk forth calm, contented, rejoicing, returning thanks to the Gods, who, from their infinite bounty, have opened the safe and quiet harbor of death, at all times ready to receive us from the stormy ocean of human life."
If you find The Wealth of Nations too long or too hard to read, then read P.J. O'Rourke's On The Wealth of Nations, and you will understand all the major concepts of Smith's book.
Interesting and VERY funny.......2007-07-12
I really, really enjoyed this Book on CD.....I think it made it much better than if I had just read the book. Listen to the jokes was really cool. Lots of very good information.
Average customer rating:
- Calculations are only as good as your numbers
- Pants on fire?
- Accepted History & Chronology Must Be Changed.
- Very Interesting
- History as Science Fiction
|
History: Fiction or Science? (Chronology, No. 1)
Anatoly Fomenko
Manufacturer: Mithec
ProductGroup: Book
Binding: Paperback
 Chinese
| Ethnic & National
| Biographies & Memoirs
| Subjects
| Books
Irish
| Ethnic & National
| Biographies & Memoirs
| Subjects
| Books
Japanese
| Ethnic & National
| Biographies & Memoirs
| Subjects
| Books
Women
| Specific Groups
| Biographies & Memoirs
| Subjects
| Books
Augustine, Saint
| ( A )
| People, A-Z
| Biographies & Memoirs
| Subjects
| Books
Doctors & Medicine
| Humor
| Entertainment
| Subjects
| Books
Lawyers & Criminals
| Humor
| Entertainment
| Subjects
| Books
Love, Sex & Marriage
| Humor
| Entertainment
| Subjects
| Books
Assyria, Babylonia & Sumer
| Ancient
| History
| Subjects
| Books
Early Civilization
| Ancient
| History
| Subjects
| Books
General
| Ancient
| History
| Subjects
| Books
Historiography
| Historical Study
| History
| Subjects
| Books
General
| World
| History
| Subjects
| Books
General
| Asian American
| United States
| World Literature
| Literature & Fiction
| Subjects
| Books
Asian American
| Poetry
| United States
| World Literature
| Literature & Fiction
| Subjects
| Books
French
| Erotica
| Literature & Fiction
| Subjects
| Books
Victorian
| Erotica
| Literature & Fiction
| Subjects
| Books
Epic
| Poetry
| Literature & Fiction
| Subjects
| Books
German
| Poetry
| Literature & Fiction
| Subjects
| Books
Russian
| Poetry
| Literature & Fiction
| Subjects
| Books
Spanish
| Poetry
| Literature & Fiction
| Subjects
| Books
Chinese
| Classics
| Literature & Fiction
| Subjects
| Books
Conspiracy Theories
| Current Events
| Nonfiction
| Subjects
| Books
War on Drugs
| Crime & Criminals
| Nonfiction
| Subjects
| Books
English (All)
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Arabic
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Armenian
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Czech
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Greek
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Hungarian
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Japanese
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Korean
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Norwegian
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Persian & Farsi
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Polish
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Portuguese
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Romanian
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Russian
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Swedish
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Turkish
| Foreign Language
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Science
| Dictionaries & Thesauruses
| Reference
| Subjects
| Books
Online Research
| Genealogy
| Reference
| Subjects
| Books
Native American
| Earth-Based Religions
| Religion & Spirituality
| Subjects
| Books
General
| Science
| Subjects
| Books
General
| History & Philosophy
| Science
| Subjects
| Books
History of Science
| History & Philosophy
| Science
| Subjects
| Books
Magic & Wizards
| Fantasy
| Science Fiction & Fantasy
| Subjects
| Books
Sailor Moon
| Popular Characters
| Children's Books
| Subjects
| Books
Pilates
| Exercise & Fitness
| Health, Mind & Body
| Subjects
| Books
History
| Fashion
| Arts & Photography
| Subjects
| Books
Look Inside Children's Books
| Trip
| Specialty Stores
| Books
Look Inside Entertainment Books
| Trip
| Specialty Stores
| Books
Look Inside Health Books
| Trip
| Specialty Stores
| Books
Look Inside History Books
| Trip
| Specialty Stores
| Books
Look Inside Fiction Books
| Trip
| Specialty Stores
| Books
Look Inside Nonfiction Books
| Trip
| Specialty Stores
| Books
Look Inside Reference Books
| Trip
| Specialty Stores
| Books
Look Inside Religion & Spirituality Books
| Trip
| Specialty Stores
| Books
Look Inside Romance Books
| Trip
| Specialty Stores
| Books
Look Inside Science Books
| Trip
| Specialty Stores
| Books
Look Inside Science Fiction & Fantasy Books
| Trip
| Specialty Stores
| Books
All Titles
| Qualifying Textbooks - Fall 2007
| Stores
| Books
Similar Items:
-
History: Fiction or Science? Chronology 2 (Chronology)
-
History: Fiction or Science? Astronomical methods as applied to chronology. Ptolemy's Almagest. Chronology III
-
Discovering the Mysteries of Ancient America: Lost History And Legends, Unearthed And Explored
-
Before the Pharaohs: Egypt's Mysterious Prehistory
-
They Cast No Shadows: A Collection of Essays on the Illuminati, Revisionist History, and Suppressed Technologies
ASIN: 2913621058 |
Book Description
Recorded history is a finely-woven magic fabric of intricate lies about events predating the sixteenth century. There is not a single piece of evidence that can be reliably and independently traced back earlier than the eleventh century. This book details events that are substantiated by hard facts and logic, and validated by new astronomical research and statistical analysis of ancient sources.
Customer Reviews:
Calculations are only as good as your numbers.......2007-08-03
Yes, we can all agree that mainstream history is nearly 100% BS due to politics, economics, ego, problems with dating techniques, and various conspiracies. Agreed. But, I've been researching the distinct possibility that human history (in terms of civilizations) are much more ancient than we've been told, so coming across this book was very interesting to me. I wondered how Fomenko could be wrong (if at all) because he is very persuasive in his presentations. Then it dawned on me. If at previous times in prehistory, due to the various catastrophies that are well documented (comets, asteroids, planetary disruptions, plasma discharge, pole reversals, etc) the Earth was in a different position in relation to the sun, different tilt on its axis, different orbit, different rotation (in terms of velocity and DIRECTION), and the continents were in different positions, then would this not cause the ancients to see the sky (constellations) differently? In other words, is Fomenko making erronious assumptions about the physics of the Earth in pre-history, which then corrupt his data with regards to dating the relevant astrology? The last event to seriously disrupt our planet occured roughly 3500 years ago, according to other good researchers, so is it possible Fomenko has been confused by this? The vastly different physics of our planet in the not so distant past may explain this confusion, which is not to say the "mainstream" version of history is correct; on the contrary. I am not an expert in these fields, but wanted to see if this idea could spark discussion.
Pants on fire?.......2007-07-19
Will people ever read before spamming? Yes, Jesuits could not rewrite world history alone, they had help. Anyway, Dr Prof Acad A.Fomenko does not point to jesuits as the driving force of world wide history manipulation in published volumes 1,2,3;, actually he barely mentions the poor devils. Check it with 'Search inside' feature, please. China is rarely mentioned either, in fact, Dr Fomenko is completely eurocentric. Right, his theory contradicts all mainstream schools of history, because in their actual state they are all built on blatantly erroneus chronology. You don't need a mysterious cabal (conspiracy) to falsify history, the falsification is its modus operandi. It is inherent to history(ians) to falsify (distort) events, as it is inherent to humans to boast as it is inherent to power (authority) to legimize itself by referrring to glorious past made to its own order. Dr Prof Fomenko and team have identified scores of instances of such manipulation in Russian, European, etc.. history, and delivered valid statistical proof thereof. His own 'reconstruction' is completely another story. Forget c14 as a valid method of dating. W.Libby has initially discovered a brilliant method of INDEPENDENT dating. Too bad, c14 method has become a joke after a forced marrige with dendrochronology with consensual chronological scale inbuilt. Radiocarbon method can't stand blind tests, but is so very productive as a rubberstamp.
Accepted History & Chronology Must Be Changed. .......2007-04-09
There is no doubt that history as most know it is a sham, & institution's version of History both University & Church is fradulent & inaccurate. Everything was established with an agenda, The real "Dark Ages" are now when we have access to incredible amounts of information past authorities & more important 'common folk' didn't have but our institutions & educators are slow to evolve because of what has ignorantly & arrogantly been taught for too long. This is on many subjects not just Chronology.
For anyone to question "Why would a Mathematician have anything credible to say of History?" The answer is from Dr. Fomenko's preface in the book: "It would be worthwhile to remind the reader that in the XVI-XVII century Chronology was considered to be a subdivision of Mathematics." These volumes could possibly be some of the most important works to date & should be read by everyone with an interest in History, especially professors & educators who have a duty to the public. I have read both books & must say that 'Chronology 1' has some very eye opening & revolutionary information. Even if these volumes are part true the implications are profound & opens the doors to further investigations & questions which must be done. I speak several different lanquages & must say the logic Dr. Fomenko uses with "inflection" of words & words being read from left to right in one region & right to left in another then written backwards, the removal of vowels & get down to basics of words, or different cities & locations having the same name etc. is correct. Vowel usage has always been optional & varied, actually complicating linquistics & study. The first thing one has to understand is that words never had a fixed spelling in history like we do now, the spelling of words was mutable & regional, as well as names & titles of people were vast, varied & changed, NOTHING WAS FIXED or understood linear. Matters of Life & Death as well as financial profiteering yesterday & today were & are made with ignorant, illogical & conspiratorial views of history & reality, it's time people get closer to the Truth & society collectively grow up.
Very Interesting.......2007-03-07
It is a good proposal and I believe it will mature into something even better in the future. I think it deserves to be read.
History as Science Fiction.......2007-01-10
Anatoly Fomenko has written a very intriguing book, full of pictures, charts, and computer 'proof' of his thesis: backwards of AD900 we don't really know what happened or when. Between AD900 and AD1600 there is more certainty, but there is still a lot of fuzzy ground, and things don't get reliable until we get past the 1600's where the printing press made it very difficult for the perpetrators of this timeline manipulation to change anything that had been committed to print. The Dark Ages did not happen. Books were burned for a reason. One organization has doubled the actual length of its existence by expanding the real chronology. Read why.
I had always wondered why Christ died about AD33 and yet men waited until the 11th century to form the Knights Templar, the Cathars, etc and go after the Holy Land by force. Why the 1000 year gap? Turns out there wasn't more than a 10-12 year gap and he proves it using astronomy. This also implies that the planet is not as old as we have been told, and current Christian and other creationist scientists are already championing that idea without being aware of Fomenko's book. The two groups, creationist scientists and the Russian mathematical analysts corroborate each other. Fascinating.
Of course, all this flies in the face of what we have been told traditionally is the 'proper' chronology of western civilization, and most readers will experience 'cognitive dissonance' in reading this book. It means that our history going backwards from AD1600 becomes progressively more incorrect and unreliable until it cannot be trusted at all... in the space of 700-800 years.
Naturally, the curious, open-minded reader will want to know WHO did this, WHY, and did any of the events we think of as really ancient ever happen?
Dr. Fomenko is a respected scientist/mathematician at Moscow State University who has already answered these questions to the satisfaction of his initially skeptical colleagues. Most of them are now believers, a few still refuse to believe (the usual diehards), and of course the western press has ignored Fomenko's work -- for obvious reasons when you read the book. The ones who perpetrated this chronology ruse have a lot to answer for. They are still with us. That's why this book is a well-kept secret.
I gave the book a 4-star rating because I was unable to check out some of his claims; those I checked were as he said. But if even 1/3 of his claims are true, this punches a big hole in what we think is our history, the meaning of western civilization, our educational process (for repeating the ruse as gospel), and the trustworthiness of the organization that perpetrated this ruse, well-intentioned or not.
This book relates to current research into a Young Earth paradigm, to John Keel's discoveries about our planet, and Fr Malachi Martin's insights (in his now out-of-print books). We are indeed sheep who are manipulated and kept ignorant -- for a reason. While knowing what these men have to say may be the "booby prize" (as in: 'what can you do with this knowledge?'), it will provide interesting reading. Didn't someone say: "...and the Truth will set you free."?? For you to judge if this book contains the truth.
Book Description
A stimulating and inviting tour of modern economics centered on the story of one of its most important breakthroughs.
In 1980, the twenty-four-year-old graduate student Paul Romer tackled one of the oldest puzzles in economics. Eight years later he solved it. This book tells the story of what has come to be called the new growth theory: the paradox identified by Adam Smith more than two hundred years earlier, its disappearance and occasional resurfacing in the nineteenth century, the development of new technical tools in the twentieth century, and finally the student who could see further than his teachers.
Fascinating in its own right, new growth theory helps to explain dominant first-mover firms like IBM or Microsoft, underscores the value of intellectual property, and provides essential advice to those concerned with the expansion of the economy. Like James Gleick's Chaos or Brian Greene's The Elegant Universe, this revealing book takes us to the frontlines of scientific research; not since Robert Heilbroner's classic work The Worldly Philosophers have we had as attractive a glimpse of the essential science of economics.
Customer Reviews:
Enjoyable history of the development of growth theory.......2007-10-05
David Warsh presents the economic problem of increasing returns in this history of economic theory from Adam Smith up to Paul Romer, which is to say the present day. The first half of the book is primarily a recap of the history of economics with a focus on the built-in problem of increasing returns. The problem being that growth and increasing returns were always the result of external factors rather than intrinsic to the economic model.
The emergence of growth theory, as propounded by Romer, has led to a "tectonic shift" in the conceptual foundations of economics, according to Warsh. This shift started almost a century ago and culminated in Romer's "Endogenous Technological Change" paper. The after-effects of the realization that land, labor, and capital can be rethought of as people, things, and ideas are still to be realized.
Warsh spends a bit of time in hero-worship of Romer, which I found somewhat dragging. However, the rest of the story, with its interplay of competing economic theories, not to mention competing economists, was well-described by the author. I didn't come away with a very deep understanding of the issues at play, but I did get broad exposure to those various issues. My curiousity is certainly piqued.
The book works well as a general interest reader for anyone wanting to get a handle on the most recent developments in economic theory. The book is very readable, though the lack of technical details (and a gut feeling that Warsh is sometimes glossing over things that he himself doesn't understand) makes it difficult to take the book 100% seriously.
Economic History at its Best.......2007-08-23
It is no secret: ideas motivate the world. They propel markets. As obvious as it seems today, it has not always been so.
It was not until 1980 when a 24 year-old graduate student, Paul Romer tackled the role of knowledge that the concept assumed it rightful role. It took him eight years to solve the puzzle. While the problem was clear, the tools to solve it were not.
David Warsh, an economic journalist, narrates this tale of economic discovery. Drawing vivid portraits of those pioneering economists who work advanced this idea, Warsh explores Adam Smith's paradox of falling costs. He explains the contributions of Smith, Alfred Marshall, John Maynard Keynes, Joseph Schumpeter, Paul Krugman, Robert Solow, Kenneth Arrow, Robert Lucas and, of course, Romer.
His portraits draw a rich picture of how theoretical economics evolves. The personal struggle to clarify disparate vapors of ideas, luncheon meetings with colleagues for inspiration, the circulation of notes, preparation of papers, the struggle publish them in respected journals and attendance at conferences.
A skillful writer blessed with the ability to translate complex ideas into clear and concise prose, Warsh brings new insights and understanding to problems posed more than 200 years ago by Adam Smith.
More Economic History than Economic Thought.......2007-06-24
Warsh has authored a well written book with a compelling tale of the foundations of theory of economic growth. More than anything else, it is a story of Paul Romer and his groundbreaking ideas. Romer is a remarkably creative thinker on a search for an economic theory (aka model) to explain growth. The author starts us on Romer's odyssey first with a brief history back to Adam Smith. It is clear Romer stood on the shoulders of giants (Smith, Marshall, Arrow, et al) in formulating theories (models) for growth, recognizing the value of knowledge and technology.
The kernel of the story becomes a bit muddled at times as Warsh becomes more fascinated with the great economists than he is about great economic ideas. The book is not written with a clear exposition of the evolution of economic thinking. It is written toward explaining the history of events of how the evolution of the thinking occurred. As such, it can be a tough slog as we are introduced to one economist after another without sufficient explanation of each person's contribution of ideas and how it fits into the mosaic of 'the real economy' (my emphasis). Romer comes and goes throughout the chapters but he is the central subject.
Toward the end (chapter 25), the history of Microsoft is introduced as an example of the ultimate 'pin factory' (Adam Smith). At this point in the story, reading about MS feels artificial and disconnected. I would have left it out completely.
One interesting observation was leading economists make 'discoveries' through models, explaining through sophisticated mathematics what the average businessman already knows from observation and experience. I felt this throughout the book so was not surprised when the author recounted a story of Krugman testing a new learning from a model on a non-economist friend. The friend's response was the discovery was "obvious". This says something about the theoretical economist's need to connect with the real world as opposed to spending all their time with models. To be fair economists must work with models which are mathematically well behaved, similar to physicists and engineers working with linear equations which are tractable for solution. These models often require assumptions or simplification which leaves out important factors. (I do worry at the unreal assumptions in the models described since many of these same economists find their way to be Presidential advisors or Fed Governors.)
I am glad I read the book and learned about how the profession develops its thinking. I also wonder if the time was well spent.
Great Topic; Anecdotal Book.......2007-05-12
A good overview, particularly for non-technical readers. Too superficial, anecdotal, repetitive, and imprecise for readers who want to find out what the major economic models really are and how they compare with economic data. For such readers, Charles Jones's Introduction to Economic Growth is much better.
Disappointment.......2007-02-17
Most of the reviewers of this book apparently found it to be impressive. Sadly I did not.
Too little time is devoted to offering adequate clear explanations of the economic ideas and theories being addressed, too much time is devoted to irrelevant social asides. The non-economist reader seeking to understand the economics as opposed to learning a great amount of academic gossip and politics will probably be disappointed. I wanted to understand growth theory. I did not and do not care that the reason why Paul Romer left Chicago for the Bay Area was that his wife had a disagreement with her lab manager or that Paul Romer has developed software to teach economics. I found such digressions to be unnecessary and distracting.
To cite just two of the book's specific limitations:
(1) The book lacks referential footnotes and a bibliography. Readers not already familiar with the subject wishing to pursue a topic further will be at a loss.
(2) The book lacks a glossary. Throughout the book numerous technical terms are introduced and, at best, briefly described. It would have been nice to have all of these key terms explained in one place for easy reference.
Small efforts on the part of the author would have remedied both of these deficiencies.
Book Description
Bestselling author Riane Eisler (The Chalice and the Blade, which has sold more than 500,000 copies sold) shows that at the root of all of society's big problems is the fact that we don?t value what matters. She then presents a radical reformulation of economics priorities focused on activities of caring and caregiving at the individual, organizational, societal, and environmental levels.
Customer Reviews:
A good, but not great, book with an inspiring theme.......2007-09-09
I missed Riane Eisler's recent talk at the PARC Forum, but the abstract was so inspiring, I bought the book. As with many (all?) the other reviewers thus far, I support the basic notion of "caring economics": elevating the valuation of traditionally feminine activities such as caring and caregiving. I support partnership over domination (though don't know what to make of "hierarchies of actualization"), and the establishment of rules, tools and schools that offer a more comprehensive accounting - and accountability - within economics, that will incorporate the social and environmental dimensions more effectively, and eliminate "externalities" - costs that corporations can pass on to "external" stakeholders (as opposed to stockholders).
The other reviewers have done a great job at highlighting many of the positive aspects of this book. I wanted to offer a slightly dissenting opinion, based on three issues that bothered me. One is that I believe the book is about twice as long as it needs to be. There is considerable redundancy, and by the last few chapters, I found myself growing increasingly annoyed as she repeatedly repeated ideas and themes covered [well] in other chapters. As with some other books I've read, it strikes me as a potentially fabulous journal-length article that was stretched too far. A brief perusal of her paper on "Work, Values, Caring" available on her PartnershipWay web site suggests that this paper may cover much of the content in the book, in a much shorter space.
A second shortcoming I see in the book is a lack of reference to either Milton Mayeroff's classic work ON CARING or to Yochai Benkler's more recent paradigm-shifting book, THE WEALTH OF NETWORKS: HOW SOCIAL PRODUCTION TRANSFORMS MARKETS AND FREEDOM. The book is replete with many useful references, and every author must be selective about the references she or he includes, but I would think that either of the two aforementioned books would be required reading for anyone interested in caring economics.
The third shortcoming I see in this book is its rather pre-emptory dismissal of "selfish genes". I recently [finally] read THE SELFISH GENE, by Richard Dawkins, and although I like to believe in (and practice) altruism, I had to admit that Dawkins makes a compelling case for how and why our genes are selfish operators ... and thus why altruism doesn't make sense at the genetic level. Now, we are not our genes, and I like to believe we are more than simply containers for them to propagate themselves, and as our actions - and inactions - have increasingly far-reaching impacts on others throughout our increasingly interconnected planet, there may be good reasons why caring for others (who do not carry our genes) is worthwhile, and why we might want to give up domination for partnership. However, Eisler's quick dismissal of "selfish genes" in several passages leads me to wonder whether she's read Dawkins' book, or simply the other references she invokes that take a contrarian view. She seems to be attached to making "evolutionary" claims with respect to caring economics. I think the impact can be just as strong without invoking evolution ... and invoking evolution while summarily dismissing what I view as its most compelling modern articulation only weakens the impact.
I hope we will be willing and able to redefine economics to take into account the social and environmental costs and benefits that are currently ignored. I believe that THE REAL WEALTH OF NETWORKS offers some compelling arguments for how and why we can do this. I do not recommend that people not read this book because of the shortcomings I cited - I am still glad I read the book. I just wanted to offer a perspective that may be of some value to others who are considering the book, or at least to help set expectations (for anyone who shares my prejudices).
Brilliant!.......2007-07-19
Along with "The chalice and the Blade" and "Sacred Pleasure" this is the most profound, important and amazing book i have ever read - it changed my life! this should be a compulsory course at all self-respecting universities. Everyone in the world should either read or be aware of what these three books are talking about, then we'll not only have hope but a blueprint for a better world. i have half the mind to post it to our prime minister right now :)
thank you Dr Eisler, from me and all the people and future generations that will benefit from your determination, knowledge and work!!!
Very important book albeit with varying levels of practical application.......2007-07-08
This book was my first interaction with the work of Dr. Eisler and I was deeply moved by the concept of partnership and the need to place a higher value on caring and traditionally 'feminine' values.
The finance major in me was left very impressed at times, and rather disappointed at other times throughout the book. Dr. Eisler makes use of some great examples of companies that increase productivity, decrease turnover and breed hierarchies of actualization, specifically naming a software company that had daycare on site. She also discusses some great examples of how Scandanavian countries include fathers in the child-raising process, citing an example that requires couples having children take a combined 16 weeks off to care for the child and at least 6 of those weeks must be the working parent.
I was a little disappointed that she used life expectancy and GDP as measures of how well women were treated in different countries. Her point is well taken, but statistics betray her. She discusses France and Kuwait having similar GDPs, but France having significantly more gender equality thus yielding longer lives, etc. This specific example is true enough, but women are treated much more as equals in Scandanavian countries than they are in Japan, and yet they live longer in Japan.
She is rightfully very critical of executive compensation, short-term thinking, materialism and the ongoing dispute about what resources should be in public hands and which should be in private hands that plague globalization. She correctly points out that many resources and services can be most efficiently provided locally. As I turned the pages, I was hoping she would address some of the benefits of globalization, which in fact have gone a long way establish peace. Certainly the U.S. government worked hard to establish good relations with Pakistan and India, begging them to get along instead of prolonging the bloodshed over Kashmir. However, some of the greatest forces for good in that situation were none other than large, globalized communications firms with infrastructure and employees in both countries. Relative peace was brought about by these companies who provide employment and stability in these regions who had senior leaders sit down with government leaders and explain that their nervousness over their continued fighting would compel many investors to withdraw. Had Dr. Eisler mentioned this example (or countless others) I think she would have been able to more precisely point out improvements in globalization, rather than simply deducing that globalization isn't always the best solution.
Dr. Eisler's diagrams of the missing pieces in measuring economics was most insightful and useful, as were the statistics she provided that showed spending more education now equals spending less on prisons later.
Dr. Eisler risks alienating people who would be predisposed to be some of her most avid supporters when she takes excerpts out of religious texts and adlibs her opinions as if they were facts represented in the religious text. There is certainly no doubt that atrocities have been committed by those claiming religious titles, rights and missions, but even most of the examples she sites as the paragons of domination (the Taliban, the Ayatollah in Iran, Hitler and Stalin) are primarily secular in nature (the Ayatollah being the only religious figure). As a Christian, I will tell you that I want to vomit when I hear Falwell attribute 9/11 to feminism or Robertson attribute Katrina to tolerance of homosexuality. I will also tell you that 'love your neighbor as thyself' is very much a cornerstone of partnership (and there are many more examples of these).
Dr. Eisler is also rightfully critical of the Bush Administration and their unilateral foreign policy, preemptive warfare doctrine, fiscal irresponsibility and environmental 'blinders.' I agree with most of her criticisms, usually for different reasons than the those she mentions. Having read an interview she gave after 9/11 where she surprises the interviewer by indicating that war against terrorism is necessary, I have to wonder what her opinion is of how western countries should address Iran. It's certainly valid to criticize preemptive warfare, but what if one of the premier dominators in the world is pursuing a nuke? Do we wait until he gains equal military power? Do we allow him to disconnect his society from the rest of the world where women continue to be subject to circumcision and mistreatment if they are not sufficiently subordinate?
In this review I went to some lengths to justify my critiques, whereas I think my praise of Dr. Eisler's work speaks for itself. It may appear that I spent much more time discussing my critiques, and that is the reason why.
This book is by far one of the best I've ever read and I hope someday to see it included as required reading in grade school curriculums (3rd grade or so).
An excellent survey.......2007-06-17
Social scientist Riane Eisler provides a different approach to economics in THE REAL WEALTH OF NATIONS: CREATING A CARING ECONOMICS. Where Alan Smith's classic provided the first and lasting explanation of how modern economics works as a market-driven force, REAL WEALTH OF NATIONS goes a step further for college-level and business holdings, building upon Smith's concepts to show the real wealth of nations lies in the contributions of people and environment. The idea is that caring for people and the environment builds the real wealth - and he proposes a new 'caring economics' which moves from the microcosm of the household to communities and nature to promote new values beyond stereotypes. An excellent survey any college-level collection strong in social science will want.
Diane C. Donovan
California Bookwatch
Knowledge is Power.......2007-06-09
Riane Eisler once again inspires and creates personal revolutions with her revelations. This book flows naturally from her previous work, something her readers await and rejoice. Intense insights and a trampolin for more adventurous change in the way we see the world. Highly recommended if one cares to think really differently. It gives you more than hope, it brings you a certainty that we can create a marvelous world together if we change our mindset. All based on sound science and well researched history or pre-history. No self help, only pure common sense. All the good words can not describe how intense this experience is. Just read the book and judge for yourself.
Book Description
Adam Smith's masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the principles behind, modern capitalism. Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich's new Introduction for this edition both clarifies Smith's analyses and illuminates his overall relevance to the world in which we live. As Reich writes, "Smith's mind ranged over issues as fresh and topical today as they were in the late eighteenth century--jobs, wages, politics, government, trade, education, business, and ethics."
Download Description
The first truly scientific argument for the principles of political economy.
Customer Reviews:
a classic.......2007-07-20
It's a big book, but not in any way complicated. In a nutshell, it details the mechanisms by which personal liberty -- accompanied by personal responsibility and a just system of government -- make nations, and the individuals who live in them, wealthy. I had a Marxist professor who did not like Adam Smith because Marxist theory prefers to emphasize class warfare, while Smith is saying that everyone is capable of providing for themselves and the less the government interferes, the better off we all are. Many conservatives, meanwhile, like Adam Smith because they seem to perceive a "survival of the fittest" philosophy in his works. They are both wrong.
Really, The Wealth of Nations ought to be read along with Smith's other classic, The Theory of Moral Sentiments. Together, the message in them is that government should leave people alone as much as possible, but people ought to exercise that liberty without greed.
hard to find a serviceable edition.......2007-07-07
"The Wealth of Nations" is more readable than you probably think, and if you actually sit down to it you'll be repeatedly astounded by Smith's shrewdness.
But parts of Smith's original can be tough going in many ways. Why don't publishers acknowledge this by coming out with something more helpful than just the raw text?
Unfortunately, finding an edition that will be of great use to you is problematic. That's why I'm giving this book 1 star: not for the text itself, but rather for the paucity of well-done printings out there.
Anyhow. I have three before me:
1. The "Modern Library Classics" edition, the one you see on this page. This is complete and unabridged in a single volume, and has a handsome, sturdy feel to it. There is a 4-page introduction and a well-done index, but what irks about this edition is that while it has a plethora of footnotes, all the footnotes are of the "textual comparison" variety (e.g., "12 Car. II., C. 32"), rather than the kind that really help you understand antiquated terms and convoluted wordings. In other words, you'll get no help from the editors here.
2. Then there is the barren Wealth of Nations (Great Minds Series). There is a 2-page introduction at the beginning and an index, but beyond that it's nothing more than the original text, complete with the original punctuation and spellings (neither of which has been made more merciful for the modern reader).
3. The Penguin Classics edition, in two volumes: The Wealth of Nations: Books 1-3 (Penguin Classics) and The Wealth of Nations, Books IV-V (Penguin Classics). This is probably the least worst edition I have seen, with a superb introduction (nearly 100 pages long), and a glossary, all done by Glasgow's Andrew Skinner. But the only footnotes in the text itself are apparently Smith's own. They appear directly on the bottom of the page in question.
So good luck, whichever one you choose.
In case you need to know, Smith's original consists of five long chapters, or "books."
If anybody has a more respectable edition at hand, please comment and I'll incorporate it into this review.
Free trade and pro biz.......2007-01-25
Great study material - very difficult read, but a must read that should be taught in high school.
Buy this if you support free trade, less government, and the American dream. Beware, this books represents everything a liberal opposes, ideals which are deeply hated by those who support liberal gods like Barak Hussein Obama and Miss H. Rodham.
Must have........2007-01-03
They shouldn't let you out of school unless you have this one in your head. Nice to have a copy around.
Readable introduction to economic theory.......2006-06-15
For anyone coming to Adam Smith's Wealth of Nations the first surprise is how readable it is. Famous classic of economic theory though it may be, this is no dry academic tome to be read only by people with a scholarly interest in economic history. There are no detailed tables of statistics of the sort one might expect to find in a modern book on the subject, and no mathematical analysis, indeed not very much quantitative information at all. Instead there is a long series of examples to explain such ideas as why it is more efficient to divide work among several specialists rather than have a complete task fulfilled by one person, or why slave labour is ultimately more expensive than paying free workers, even workers in cities like Boston or New York, where wages were far higher in Smith's time than those in his native Scotland.
To illustrate the principle of the division of labour Smith discusses the manufacture of nails. Even a blacksmith -- skilled in working with a hammer but with no special training in nail making -- could not make more than a few hundred nails in a day, and those of poor quality. A specialist nail maker could make more than two thousand, but much greater improvements, both in quality and quantity, come from recognizing that even a task as apparently simple as manufacturing a nail can be broken up into smaller tasks: maintaining the fire at the right temperature, hammering the nail into the right shape, using a different tool to form the head, and so on.
A popular edition of Wealth of Nations is inevitably abridged, as one can hardly expect to buy a complete scholarly edition for a price not much more than that of a novel. Complete editions are available as well, but they are much more expensive. With sensible editing, however, an abridged version can include as much of Smith's writing as the ordinary reader is likely to want, together with notes to explain points that will be obscure to the modern reader. In the Oxford World's Classics edition Kathryn Sutherland has made an excellent job of this, with notes that fill around a fifth of the length of the book.
Book Description
This book could be called "The Intelligent Person's Guide to Economics." Like Robert Heilbroner's The Worldly Philosophers, it attempts to explain the core ideas of the great economists, beginning with Adam Smith and ending with Joseph Schumpeter. In between are chapters on Thomas Malthus, David Ricardo, Karl Marx, the marginalists, John Maynard Keynes, Friedrich Hayek, and Thorstein Veblen. The title expresses Duncan Foley's belief that economics at its most abstract and interesting level is a speculative philosophical discourse, not a deductive or inductive science. Adam's fallacy is the attempt to separate the economic sphere of life, in which the pursuit of self-interest is led by the invisible hand of the market to a socially beneficial outcome, from the rest of social life, in which the pursuit of self-interest is morally problematic and has to be weighed against other ends.
Smith and his successors argued that the market and the division of labor that is fostered by it result in tremendous gains in productivity, which lead to a higher standard of living. Yet the market does not address the problem of distribution--that is, how is the gain in wealth to be divided among the classes and members of society? Nor does it address such problems as the long-run well-being of the planet.
Adam's Fallacy is beautifully written and contains interesting observations and insights on almost every page. It will engage the reader's thoughts and feelings on the deepest level.
Customer Reviews:
Economic Theory as Theology.......2007-09-07
This is a truly excellent book. As a long time student of the history of economic thought, this book, subtitled "A Guide to Economic Theology" offers a truly insightful perspective on Smith and other classical economists. It has always been my belief that there are a lot of people (some are pompous neo-cons) who quote Adam Smith and have never read him. The author quite effectively dismantles the argument inherent in "Adam's fallacy"; that is by acting in our own (avaricous)self interest, we are acting for the public good; that we must accept injustice in the present to allow for distributive justice over time. Markets for goods, services, and labor do not always produce efficient, let alone just outcomes.
The book should be required reading - not just in Economics Departments, but for elected officials as well. Three cheers for Duncan Foley!!
A very enjoyable reading.......2007-09-03
"Adam's Fallacy" is a very enjoyable reading for anyone interested in political economy; a refreshing view at the history of economic thought from a critical perspective and in an accessible fashion. The reader will appreciate Foley's wisdom in political economy and the care he takes in remaining unbiased, even when expressing the author's personal preferences.
4.5 Stars-Excellent book-Horrible Title.......2007-07-02
Foley is correct that "Modern" economic theory(Monetarism,Rational Expectations,Real Business Cycle theory,New Classical Economics, Efficient Market Hypothesis,etc.),which is based on the false claim that all markets can be modeled either as being normally distributed, or " as if " they were normally distributed,assumes stability and a natural self adjusting,self correcting invisible hand mechanism that,operating through the process of labor specialization,division of labor,extension of the market,and economic growth, transforms private greed into a social optimum.These theories model the economy as if it were inherently stable and subject only to exogenous shocks.They assume away the inherent ,internal,endogenous shocks created internally by both technical(capital goods) and financial innovation ,as well as the speculative shocks caused by speculators leveraging their bets with huge infusions of bank loans leading to the inevitable bubble and collapse.
Adam Smith did not make this error or commit "Adam's Fallacy".On pp.734-735 of the WN,1776,Modern Library (Cannan)edition,he makes it clear that the economic growth process of the Invisible Hand ,self interest,and the division of labor creates major undepletable,negative externalities(social,intellectual,martial,political,and moral) that impact practically the entire work force.The only way to counteract this is through government action.Foley needs to completely change the title to David's(Ricardo),Jeremy's(Bentham),and James'(Mills)Fallacy.
Compares favorably with Heilbronner's classic.......2007-02-05
I have recently read both Adam's Fallacy and R. Heilbronner's The Worldly Philosophers (as well as other introductions to economic thought). Adam's Fallacy compares favorably with Heilbronner in that it is a little less devoted to biographies of economists and a little more devoted to the content of their theories. Accordingly, it demands a little more effort from the reader. I didn't find it a quick or an easy read. Despite its title, it is a balanced approach to economics, giving Smith credit where due while attempting to provide "a critical and skeptical understanding of political economy." My advice is to read both Heilbronner's and Foley's books -- and not to stop there. The more you read on the topic of economics, the more nuanced your understanding will become.
Still looking for an unbiased history of economists.......2007-01-29
After reading the table of contents, I purchased this book, expecting it to be a dispassionate history of famous economists. By the middle of the text however, I came to realize that the author was embedding within his extensive knowledge of economic history his unabashed distaste of free market capitalism.
The premise of the book, (and of the title), is that the great fallacy of Adam Smith (and most other economists) is that they offer nothing to deal with the supposed immoral gap between the rich and poor. While R. Stone (above) addresses this point by pointing to the fact that Smith does in fact discuss this issue at length in The Theory of Moral Sentiments, I prefer to address it from a different direction. Foley's argument, focusing on the wide gap existing in capitalist societies between the rich and poor completely overlooks the absolute gains made by all under free market societies, versus their socialist counterparts. Paraphrasing the great Thomas Sowell, economics is not a system of morals, but rather a means by which scarce resource which have alternate uses are rationed most efficiently.
Chapter three most clearly shows the author's bias, in his glowing description of socialism, which in the end only euphemistically discusses the political difficulties in administering such a society. Page 204 is perhaps the best example of this bias:
"Furthermore, the Soviet Union did indeed manage to organize an impressive spurt of economic development, extension of the division of labor, and growth of productive capacity through its central planning mechanisms for what turned out to be a period of sixty years".
Nowhere in the text did Foley describe the now infamous rotting food in villages neighboring areas of starvation in the USSR. He does not mention the dominant theory among respected economists that the surplus value created by a capitalist society, and unevenly distributed to a certain class is what creates the incentives for goods (like food) to be distributed to the populace. Above all else, he does not ever mention the abject human rights violations ubiquitous in socialist regimes such as China under Mao, Cuba, USSR, etc. Granted, these abuses of power are not part of the system of socialism, but it is interesting nonetheless that they so often occur in societies which embrace their tenants.
Chapter five's description of Keynes was most interesting, in my opinion, for the strong weight Foley gave to his assertion that Say's Law is wrong, thereby destroying the theories of free trade, and opening the door to protectionist tariffs. What was notably missing from this discussion, however, were stats on the falling unemployment rates for *both* the US and Mexico in the years after Clinton signed NAFTA, or the continuously dropping unemployment rates, and job creation in recent years, during extensive outsourcing.
Nor does Foley treat the Great Depression with any objectivity. After describing the horrible conditions the US and world were facing in the thirties, and shortly thereafter, he states "To contemporary observers, laissez-faire policy seemed to be inadequate to cope with the problems of advanced industrial capitalism". What Foley fails to mention here is that FDR had a horribly anti-free market policy during the depression, which many economists now believe exacerbated matters, ie, setting price floors, which helped small farms at the expense of consumers who could no longer afford to buy food.
To his credit, however, Foley does end his book with a good joke: "On the whole, historically the best results seem to come from modest, and limited efforts to build institutions such as central banks, social security ...". It seems as though the best compliment Foley can come up with for capitalist societies is Social Security, a system which, under current operation, is scheduled to be completely bankrupt in thirty or forty years.
Amazon.com
Professor David S. Landes takes a historic approach to the analysis of the distribution of wealth in this landmark study of world economics. Landes argues that the key to today's disparity between the rich and poor nations of the world stems directly from the industrial revolution, in which some countries made the leap to industrialization and became fabulously rich, while other countries failed to adapt and remained poor. Why some countries were able to industrialize and others weren't has been the subject of much heated debate over the decades; climate, natural resources, and geography have all been put forward as explanations--and are all brushed aside by Landes in favor of his own controversial theory: that the ability to effect an industrial revolution is dependent on certain cultural traits, without which industrialization is impossible to sustain. Landes contrasts the characteristics of successfully industrialized nations--work, thrift, honesty, patience, and tenacity--with those of nonindustrial countries, arguing that until these values are internalized by all nations, the gulf between the rich and poor will continue to grow.
Book Description
The Wealth and Poverty of Nations is David S. Landes's acclaimed, best-selling exploration of one of the most contentious and hotly debated questions of our time: Why do some nations achieve economic success while others remain mired in poverty? The answer, as Landes definitively illustrates, is a complex interplay of cultural mores and historical circumstance. Rich with anecdotal evidence, piercing analysis, and a truly astonishing range of erudition, The Wealth and Poverty of Nations is a "picture of enormous sweep and brilliant insight" (Kenneth Arrow) as well as one of the most audaciously ambitious works of history in decades.
Customer Reviews:
Everyone should read this book.......2007-08-08
Landes is the man, and this book pretty much sums it up. His primary thesis, that when humans are given the freedom to be innovative and pursue their own interest, is familiar from Adam Smith, but Landes does it better, it's a convincing argument. Culture is the determining factor in the success and failure of nations, not chance, not geography, not even resources, and Landes makes it obvious, it seems.
Take this book if you are willing to question.......2007-06-30
I had already read Guns, Germs and Steel so was braced for a lot of redundant concepts in "The Wealth and Poverty of Nations" by Professor Landes. 500+ pages later though, this is the clear winner on the subject. More reasonable and deeper in the theories, backed by many examples, interspersed with an easy reading of summarized histories that allow the reader to put it all together.
My recommendation to anyone out to read this book would be to take a "beginners' mindset," understand the hypotheses, and feel free to subsequently cross-reference on the historical data points if left unconvinced by some. All the nonsense propaganda that we are fed with in the early years of our lives makes this task that much more challenging, but that much more important as well.
A good antidote to PC view popular now.......2007-04-02
I found this book very interesting but a little directionless. His basic premise that culture not geography (or evil Europeans) is a large factor in where a country stands today. Notice I said large factor not the only factor which his detractors claim he says. As to my complaint on the writing, I enjoyed all the information but I feel it could have been funnelled toward his basic point better it was a little scattershot. Most of the 10 or so detractors I read either used falsehoods or distortions for their complaints. The point about the chopsticks was a tiny point but true! Why do parents teach babies dexterity exercises with those toys. And to the guy who claimed that Landes said all Asians are frugal you must have read a different. He did say that throughout Asia Chinese are the middle class managers. Anyone who goes to that part of the world knows this to be true. One final point He did show the flaws in European (especially the Iberean Peninsula) thinking but horror of horrors when you are evaluating numerous cultures for 1 issue- economic- 1 is going to come out on top and say it loud and say it proud WESTERN CIV. provides the best overall life for human beings
Trampled to Death with Footnotes!.......2007-02-12
I found Landes' opinion to be just that--his opinion. An interesting opinion, although it seemed to be backed up more by anecdotal evidence than hard data. But then there's not a lot of hard data on the subject he's dealing with: namely, why did Western European nations (and their progeny, the USA and Canada) come to rule the world while other cultures that began with great promise ended up backwaters?
Landes' answer is a comforting one to lots of First World people: our culture has just always been geared more toward success, we have the traits of successful people, so we succeeded. Is it true? Well, I'm not real big on eugenics, but if you take a dispassionate look around the globe (perhaps with Jared Diamond as your tour guide), it does seem to look that way. That's Landes' view and he's pretty persuasive about it; and even if you disagree, the examples he cites are interesting in themselves.
But what is with the avalanche of footnotes? Every few sentences, just as you get in sync with the argument Landes is putting forth...there's another asterisk or dagger jolting your eye down the page to some digression that makes you forget what you were reading in the first place. It's sort of manic and disorienting, to the point where I just finally stopped even looking at the footnotes. It would have been much better to have made them endnotes; then they wouldn't be so distracting, and could be read all at once by those so inclined. Publisher, for the love of God move the notes when you put out the next edition!
Interesting economic history.......2006-12-14
This is a great look at world economic history and thinking about why the world developed the way it did. It focuses on two distinct ideas
1. Why did the west (Europe and the United States develop before the east)
2. Why did the north develop before the south
The first question is answered very well and many factors including free trade, cultural decisions, and superior technology. The north and south question is much harder to answer and needs more economic analysis which is lakcing here.
It took time for this book to grow on me but once it did I was very excited to read it and loved it by the end. I highly recommend it for those who want to get a sense of world history.
Book Description
"Learned, iconoclastic and exciting...Jacobs' diagnosis of the decay of cities in an increasingly integrated world economy is on the mark."—New York Times Book Review
"Jacobs' book is inspired, idiosyncratic and personal...It is written with verve and humor; for a work of embattled theory, it is wonderfully concrete, and its leaps are breathtaking."—Los Angeles Times
"Not only comprehensible but entertaining...Like Mrs. Jacobs' other books, it offers a concrete approach to an abstract and elusive subject. That, all by itself, makes for an intoxicating experience."—New York Times
Customer Reviews:
Cities are the fundamental macroeconomic units -- not nations.......2007-07-02
In The Death and Life of American Cities, Jane Jacobs demonstrated with clarity, intelligence and righteous indignation that city planners had for decades -- going on a century, in fact -- misunderstood the virtues that cities possessed, and hadn't understood why people wanted to live in them. According to Jacobs, all of orthodox city planning was built around the belief that what city dwellers most wanted was to leave the city and live in a suburb or on a farm. So they bulldozed blighted neighborhood after blighted neighborhood and replaced them with parks. When many of those parks themselves became blighted, filled with the familiar sight of the homeless and drug users, orthodox city planners could only scratch their heads; that simply wasn't supposed to happen. If anything, this only confirmed cities' incorrigibility. So they wiped out sizable sections of major American cities and built freeways out; clearly people would prefer to be elsewhere. The millions who continued to live in American cities were an inconvenient datum.
In Cities and the Wealth of Nations, Jacobs claims that national governments repeat the same misunderstandings of their cities on a larger -- and possibly more tragic -- scale. At this larger
The Communist Manifesto (Penguin Classics)
Capitalism and Freedom: Fortieth Anniversary Edition
The General Theory of Employment, Interest, and Money (Great Minds Series)
The Prince (Bantam Classics)
The Theory of Moral Sentiments (Philosophical Classics)
