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An analysis of Michael Porter's diamond theory of international trade and wealth. Compares Porter's theory to more traditional models such as Adam Smith's trade theory. Also presents new developments in trade theory and competitiveness theory. ... Read more

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The general intercourse of getting on Adam Smith embodied in the "invisible hand." Capital Intercourse Uncovered! expands on this invisibility in 1546 poetic manifests, all proper couplets visibly compact, confirming reasons with corroborative rhymes.The sunniest intercourse of good successAbides in unapparent sunniness."Certainly the oddest if most distinctive book of verse I've seen since Hector was a pup. The depth of your hatred for Keynesian economics, that could sustain you through 1564 tightly wrought couplets, is dumbfounding." - X. J. Kennedy on Shakespeare Versus Keynes. ... Read more

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Customer Reviews (1)

A good analysis of the primacy of Smith's Moral philosophy with a few errors
THe author has done a good,overall job in covering Smith
First,he correctly emphasizes the paramount role of ethics in Smith's view.This approach correctly emphasizes that The Wealth of Nations(1776) is an application to political economy of Smith's magnum opus,the six editions of The Theory of Moral Sentiments(TMS,First edition ,1759;sixth edition,1790).The analogy with Keynes is clear ,since The General Theory of Employment,Interest and Money (1936) is an application to economics of Keynes's A Treatise on Probability(1921) approach based on degrees of rational belief(not Ramsey's degree of belief) ,interval estimates,weights of the evidence independent of any probabilistic conception, and decision weights.It is not possible to understand the WN unless Smith's virtue ethics approach from the TMS is fully grasped.All modern schools of economics,with the exception of Keynes himself,reject Smith's approach in favor of Benthamite Utilitarianism .Modern economics is based on Bentham,not Smith.

The author correctly shows why Smith clearly rejected a labor theory of value except in the case ofthe very early hunter-gatherer -forager stage of human development.Thisanalysis leads to a complete rejection of the Austrian attempts to smear Smith with the claim that he accepted,advocated and promulgated a labor theory of value in general in WN.

The author's coverage in chapter 9 of his book on money and banking does not sufficiently emphasize the importance of modified usury laws and a bank policy of restricting the banks from making loans to prodigals,imprudent risk takers,and projectors for Smith.It is the " sober " (middle class-small business) people who create the growth and jobs.Bank loans and lines of credit must be directed to them and no one else.

The author completely underestimates Smith's emphasis on the great importance of making sure that everyone has an education.This education,including religious instruction, must be provided for free by the government to those individuals who can't pay for it.This is Smith's solution to the detrimental,undepletable externality resulting from the operation of the division of labor.This would mean that everyone today would have a minimum of an Associates of Science/Arts degree.The author is correct that there are no explicit redistributive policies mentioned by Smith in the WN.However,this is because everyone is properly educated and has skills.Everyone has been prepared to take their place in the division of labor.Redistributative policies would not be necessary in an Adam Smith world.The author is correct to state that Smith would extend his argument for public education for all to include basic public health for all.

I recommend this book for purchase. ... Read more

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Adam Smith - Life and Times of a Political Economist is a biography of Adam Smith, an 18th century Scottish philosopher who was a prominent figure in the Scottish Enlightenment movement.Smith was known as a pioneering political economist whose works, The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations was the foundation for the modern day study of Economics.Adam Smith - Life and Times of a Political Economist is highly recommended for those interested in the history and life of Adam Smith and how his works have influenced the world today. ... Read more

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Adam Smith revolutionized economic theory with his 1776 work An Inquiry to the Nature and Causes of the Wealth of Nations. He proposed rules governing labor, supply, and demand; and describes division of labor, stockpiling of wealth, lending, and interest. Smith also discusses how economies lead to opulence. Wealth of Nations also offers a defense for free-market capitalism.Any student of economics should be familiar with the concepts and laws that Smith developed, as much of economic theory is still based upon his work.Volume I of this two-volume set contains Book I, Book II, and Book III of the original manuscript.Scottish economist and philosopher ADAM SMITH (1723-1790) helped set standards in the fields of political economics and moral philosophy, playing a key role in the early development of the scholarship of economics. His other writings include Essays on Philosophical Subjects. ... Read more

Customer Reviews (1)

Invisible Hand
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. Just don't start reading economic books from this book. It would be hard to understand. It assumes that you already have economics background, i.e. have studied economics for a few years.

This book is so often mischaracterized and politicized that I suggest you to read it completely by yourself. This is a must read for every economist. You can get an audio version of this book to avoid lengthy read.
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Pierre Force studies the history of the concept of self-interest to understand its meaning by the time that Adam Smith used it as an axiom in The Wealth of Nations.He demonstrates that Smith, unlike many of his predecessors and contemporaries, never endorsed the idea that self-interest is the motivation behind all human action, although the "selfish hypothesis" did have a place in his doctrine. This book provides insight on classic puzzles of economic theory and is a major work from an outstanding scholar. ... Read more

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Adam Smith's The Wealth of Nations was the first comprehensive treatment of political economy. Published in 1776, The Wealth of Nations was originally released for a very specific audience, the British Parliament, setting clearly defined arguments for peace and co-operation with the troublesome colonials across the Atlantic. Today it is considered one of the most influential books ever written. Here, Smith's text is interpreted for the modern day world of finance, business and economics. Karen McCreadie's interpretation is not a substitute for the original; its purpose is simply to illustrate the timeless nature of Smith's insights by bringing them to life through 21st century examples. ... Read more

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This book presents a comprehensive account of more than 200 years of controversy on the classical theories of value and distribution. The author focuses on four, perhaps most critical, classics, viz., Adam Smith’s Wealth of Nations, David Ricardo’s Principles of Political Economy, Karl Marx’s Capital and Piero Sraffa’s Production of Commodities by Means of Commodities. The book highlights several significant differences in the theories of the four authors as it searches for the ‘classical standpoint’ that separates them from the ‘moderns’. It throws fresh light on some old questions while introducing new, controversial interpretations in the literature surrounding it. It is unique in its organisation as it first presents the author’s close reading of the theories of value and distribution in the four classics and then critically engages with the major alternative interpretations and criticisms of the theories discussed therein.

Bringing original insights on theoretical positions, the book challenges canonical interpretations so as to discuss and analyse the flaws and weaknesses, in addition to the already obvious strengths, of widely celebrated theories. The theories discussed here emerge from questions like: what role does demand or human psychology play in the determination of value in classical theory? Do classical economists determine the distribution of income within the context of a theory of prices and resource allocation? What role does the notion of ‘equilibrium’ play in classical theory and the theory of Sraffa?

It will appeal to academics and students of economic theory and philosophy, as well as to the general reader.

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This is a reproduction of a book published before 1923.This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process.We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide.We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. ... Read more

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THIS 26 PAGE ARTICLE WAS EXTRACTED FROM THE BOOK: English Philosopher Adam Smith from 1723-1790, by J. A. Farrer. To purchase the entire book, please order ISBN 0766105318. ... Read more

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This new and expanded edition of a classic work draws our attention to the often neglected role women have played in the development of economics.The work and intellectual history of eight prominent women economists of the eighteenth to twentieth centuries are studied to reveal how they strove to become successful contributors to economic science.

These women economists had vastly different lives and philosophies.Jane Marcet, Harriet Martineau, and Millicent Fawcett followed the goal of free enterprise and individualism and wrote on the subject when economics was still in its infancy.Rosa Luxemburg, Beatrice Webb, and Joan Robinson were all believers in some form of collective government, and Barbara Bergmann and Irma Adelman concern themselves with income distribution, in both developed and developing countries.The authors examine the respective backgrounds and discuss the intellectual histories of these remarkable women to throw light on the development of economics since the time of Adam Smith.

This book will be welcomed by students and scholars interested in the contribution women have made to the advancement of economic science. ... Read more

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The new face of the GBP20 note, Adam Smith was long ago adopted as the father of a neo-conservative economic ideology, not least by Thatcher and Reagan. More recently New Labour has tried to kidnap him as an ancestor. In a vigorous and informal book James Buchan shows that Smith fits no modern political category. As befits the most accessible of all philosophers, this biography does entirely without jargon. ... Read more

Customer Reviews (1)

Delightful little myth buster
Surprise in my shelf. I can't recall that I bought this book. I think it was a gift from the Economist for letting them pester me with a survey some time ago. It does not seem to be in the normal book trade. Is it a short version of a longer bio on Smith that came out later? Don't know at the moment.
Buchan's message is that Smith has been misappropriated by all sides.
Advocate of laissez faire? He did not use these words anywhere. Praising the invisible hand for the strengths of capitalism? The term 'invisible hand' shows up 3 times in the whole oeuvre, but never means what we assume it meant. We might as well have selected Defoe's working girl Moll Flanders for starting economics. She also spoke of the 'invisible hand'.
Smith was no free trade doctrinaire. He was not an economist, such a thing did not exist yet. He did not write about capitalism, such a concept was still unheard of.
It seems that the former British finance minister and current prime minister, who happens to be a country man of Smith, and happens to be called Giordano Bruno or something like that, has made an effort to claim Smith for some kind of Caledonian Socialism. Buchan dismisses such silliness.
Buchan makes a strong effort to launch Smith's Theory of Moral Sentiments as a philosophical effort of equal importance with the Wealth of Nations. Possibly you need a more detailed bio if you really want to dig in. Buchan published one a year after this little book. Anyway, if you find this one somewhere, don't despise it.
(Buchan thinks that British economists and journalists are as literate and knowledgeable as English footballers. Can't help giggling, thinking about the standard Beckham interview...) ... Read more

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The fertility of Adam Smith’s work stems from a paradoxical structure where the pursuit of economic self-interest and wealth accumulation serve wider social objectives. The incentive for this wealth accumulation comes from a desire for social recognition or "sympathy" – the need to recognise ourselves in our peers – which is the primary incentive for moderating and transforming our violent and egotistical passions. Adam Smith thus examines in detail the subliminal emotional structure underlying market behaviour.

This new book by Professor Jan Horst Keppler presents an Adam Smith for the 21^st century, more sceptical, searching and daring than he has ever been portrayed before. Without disputing the benefits of Adam Smith’s liberal economic system, Professor Keppler’s original contribution explores the anarchic passions constantly threatening to destroy all social bounds, and how the overarching "desire for love" and social recognition provides the Smithian individual with the incentive to transform his unsocial passions into a desire for social advancement and economic wealth with the view to gaining the vital approbation of his peers. One of the most striking results of this new reading of Adam Smith is the latter’s insistence on the primacy of exchange value over use value. In other words, the quest for wealth is exclusively driven by the value it represents in the eyes of others rather than by any value in individual use.

At a moment of crisis, where the link between "true" economic values and "virtual" financial values is more fragile than ever, Adam Smith’s work is a profoundly contemporary reminder that in the absence of personal, ethical groundings our economic actions are only grounded in the game of mirrors we play with our peers. This book will be of interest to postgraduate students and researchers in the History of Economics, or indeed any reader with an interest in the psychological foundations of a market economy and its theoretical representations as developed by Adam Smith.

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In Three Volumes. ... Read more