It was Adam Smith (1723-90) who first established economics as a separate branch of knowledge, and many would say his work has never been surpassed. The Wealth of Nations, which appeared in 1776, is the definitive text for all who believe that economic decisions are best left to markets, not governments. At the heart of Smith's doctrine is an optimistic view of the effects of self-interest. This skilful abridgement presents his main ideas.
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Sean Barrett reads this eighteenth-century classic of economic philosophy in the manner of a genial expert who does not lecture so much as sit down with us over a glass of sherry to explain the workings of economics. He is soft-spoken; his speech admirably precise and pleasantly expressive. He finds plenty of opportunity in a dry subject to convey opinion, humor, or point of view by the modulation of his tone. The abridgment of this massive work is well done, giving a good sample of Smith's arguments. They are generally clear, but some of the sentences grow intricate and the arguments complex. This program will reward listeners familiar with Smith who are looking for a refresher, or those who pay careful attention. W.M. © AudioFile 2008, Portland, Maine
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2 of 2 people found the following review helpful:
1.0 out of 5 stars
Abridged ???,
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This review is from: The Wealth of Nations (Audio CD)
When they say "abridged" they are not kidding! It seems that they have abridged out about 90% of the original script.This version consists of only 6 discs.
This audio version is so shortened as to make it essentially useless. Better to just buy the book or try to find an audio version unabridged. Leo Wagner
2 of 3 people found the following review helpful:
2.0 out of 5 stars
Get a Complete Version Instead,
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This review is from: The Wealth of Nations (Audio CD)
I don't recommend you this abridged audio book. Please get the complete audio, and that's why.
This book is so widely cited and interpreted contrary to the author's original thought, that every economist should read it completely to avoid being misled by such incorrect interpretations. First, let us take the "invisible hand" metaphor. When I have studied economy in the University, I was taught that almost the entire book is devoted to the "invisible hand" which means "self-corrective markets", "liberalism", "Laissez-faire" and "state non-intervention". After reading this book, I have found out that Adam Smith did use the term "invisible hand" only once in the entire book, in the discussion of domestic versus foreign trade. To illustrate the point, let me quote the text where term "invisible hand" is used: "First, every individual endeavours to employ his capital as near home as he can, and consequently as much as he can in the support of domestic industry, provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock. Thus, upon equal, or nearly equal profits, every wholesale merchant naturally prefers the home trade to the foreign trade of consumption, and the foreign trade of consumption to the carrying trade. In the home trade, his capital is never so long out of his sight as it frequently is in the foreign trade of consumption. [...]Secondly, every individual who employs his capital in the support of domestic industry, necessarily endeavours so to direct that industry, that its produce may be of the greatest possible value. [...]As every individual, therefore, endeavours as much as he can, both to employ his capital in the support of domestic industry, and so to direct that industry that its produce maybe of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain; and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it." After reading this book, I have found out that Adam Smith was influenced by French Physiocrats. The Physiocrats saw the true wealth of a nation as determined by the surplus of agricultural production over and above that needed to support agriculture (by feeding farm labourers and so forth). Other forms of economic activity, such as manufacturing, were viewed as taking this surplus agricultural production and transforming it into new products, by using the surplus agricultural production to feed the workers who produced the extra goods. While these manufacturers and other non agricultural workers may be useful, they were seen as 'sterile' in that their income derives ultimately not from their own work, but from the surplus production of the agricultural sector. I have found out that this book is not about "invisible hand" or "Laissez-faire". It is quite a complete study that covers almost every basic aspect of the economy, and remains an effective introduction to economics to this day. This book is so often mischaracterized and politicized that I suggest you to listen it completely by yourself. This is a must read for every economist. You can get the complete unabridged audio version of this book.
5.0 out of 5 stars
A Must Read for all Students of Economics,
By Keith R. Soltis "Keith Soltis, Author of Ivy ... (Freehold, New Jersey) - See all my reviews (REAL NAME)
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This review is from: The Wealth of Nations (Audio CD)
This is the definitive work on economics. Adam Smith is considered by many to be the father of Economics. I first read this as a student at the Wharton School of Business. The book traces the history and evolution of modern economics. Many of his lessons are still applicable today. I have re-read (and re-listeden to this particular version) many times throughout my lifetime. This should be required reading for all.
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