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An Inquiry Into the Nature and Causes of the Wealth of Nations.
- Sales Rank: #3323993 in Books
- Published on: 1989
- Number of items: 1
- Binding: Hardcover
Most helpful customer reviews
5 of 5 people found the following review helpful.
Adam Smith Explained
By Max Hocutt
Between the covers of this compendious little book is a lucid and learned account of the writings of the great Adam Smith. That account shows Smith to have been not merely a great economist but a systematic and profound moral philosopher. The inventor of the idea of spontaneous order (later to be named and championed by Friedrich Hayek), Smith used this idea to explain how language, law, morality, and markets developed without deliberate plan or governmental guidance. These institutions were instead the natural products of countless interactions between individuals seeking better ways to serve their needs and get along with each other. By showing this for the first time, Smith provided an original and comprehensive account of social harmony. Of course, doing it took him a life time and several carefully wrought and eloquently written treatises. Otteson, a well known authority on Smith, has here summarized his work in one clear and compact volume. I recommend this volume highly, both to those who already know much about Smith and to those who know little.
1 of 1 people found the following review helpful.
Adam Smith by James R. Otteson
By 729lhh
Voltaire said of Adam Smith "This Smith is an excellent man! We have nothing to compare with him..." To paraphrase Voltaire, James R. Otteson's Adam Smith is excellent and we have nothing to compare.
This book is outstanding in many ways. Dr. Otteson gives equal importance to Smith's Theory of Moral Sentiments (TMS) and The Wealth of Nations (WN), which were originally published in 1759 and 1776, respectively. The discussion of TMS brings out the ways in which many of Smith's unique insights give us a window on how humans conduct their daily lives. This discussion is extremely valuable because it shows Smith's keen insights into human behavior. Smith was able to recognize how we humans conduct daily life based on observation, discussion and reading and without the benefit of modern research techniques. This new book has helped me to better understand Smith's "impartial spectator" as well as how Smith's special meaning of sympathy shapes individual decision making.
The analysis of TMS and WN is first rate. In addition, many anecdotes about Smith are woven into the analysis that makes the reading enjoyable as well as informative. For example, I learned of Voltaire's quote from the book. The anecdotes alone cover the price of the book.
The entire book is well worth reading but three chapters are especially meritorious. One of these chapters resolves the so-called Adam Smith problem, or differences some perceive between the TMS and WN. The other two discuss what Smith Got Right and Wrong. The chapter on What Smith Got Right concludes with a section on markets and prosperity that is a must read for all those interested in our economic future.
Lacy H. Hunt, Ph.D.
Chief Economist
Hoisington Investment Management Co.
Austin, Texas
1 of 1 people found the following review helpful.
I'm So Glad I Bought and Read This Book
By Studio Hayek
James Otteson now has two books in my top 5 favorite books in the classical liberal and libertarian genre. I have his Adam Smith at number five on my list and his Actual Ethics at number 1.
His Adam Smith is amazing. I've underlined a ridiculous amount of this book and his Actual Ethics, and I have it on my to do list to go back through both of these books and sort of memorize and summarize what I've learned. There's a lot in this book, and there's a fair number of leads (things that I want to look into further).
Through Otteson I've been introduced to the full extent of Adam Smith's ideas (well beyond The Wealth of Nations) and have discovered how valuable Adam Smith's ideas are to my personal life.
If you're balking at the $100 price try Actual Ethics first. If you like that book, then I'm pretty sure his Adam Smith book will be worth the price.
My University of California economics classes pale in comparison to what I've learned from reading Adam Smith and Actual Ethics.
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