Wealth of Nations

[laughing dog]

An Inquiry into the Nature and Causes of the Wealth of Nations is a superb example of economic analysis applied within realistic settings. There are no theoretical models divorced from any semblance of reality. Much of his analysis is sociology or "political economy" which helps bring a richness to his observations.

 

[dismal]

Economics was my minor in college so I feel ok with the week one Econ 101 arguments you keep busting out.

I have yet to see you make a post which leads me to think "wow, ksen really gets basic economics". That's all I have to go on.

 

[ksen]

You being able to comprehend my posts isn't that high on my priority list.

 

[dismal]

You being able to comprehend my posts isn't that high on my priority list.

Do you want top point me to one of your posts where you feel you have demonstrated a mastery of basic economic principles?

 

[laughing dog]

Economics was my minor in college so I feel ok with the week one Econ 101 arguments you keep busting out.

I have yet to see you make a post which leads me to think "wow, ksen really gets basic economics". That's all I have to go on.

To be fair to ksen, you have not demonstrated much evidence that you get basic economics. For example, demand and supply analysis is not usually taught in the 1st week of Econ. 101. Another example, is that you seem unable to parse the difference between positive and normative economics (something that is usually taught in the 1st week of econ 101).

 

[ksen]

You being able to comprehend my posts isn't that high on my priority list.

Do you want top point me to one of your posts where you feel you have demonstrated a mastery of basic economic principles?

You being able to comprehend my posts isn't that high on my priority list.

:nada:

 

[dismal]

:nada:

Well, at least we can agree on the number of posts you've made that demonstrate your knowledge of economics.

Feel free to add one of your celebration emojis.

 

[ksen]

:nada:

Well, at least we can agree on the number of posts you've made that demonstrate your knowledge of economics.

Feel free to add one of your celebration emojis.

 

[Nexus]

What does the rabbi smile mean?

 

[ZiprHead]

He just finished eating a Christian baby?

 

[AthenaAwakened]

ksen

Start with this

 The Theory of Moral Sentiments

It is the foundation on which Smith's later works are based.

It begins with this basic proposition.

How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortunes of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it. Of this kind is pity or compassion, the emotion we feel for the misery of others, when we either see it, or are made to conceive it in a very lively manner. That we often derive sorrow from the sorrows of others, is a matter of fact too obvious to require any instances to prove it; for this sentiment, like all the other original passions of human nature, is by no means confined to the virtuous or the humane, though they perhaps may feel it with the most exquisite sensibility. The greatest ruffian, the most hardened violator of the laws of society, is not altogether without it.

A moral, economic and political philosophy based on caring for others.

Now do you see why a libertarian (USA variety) might not want to deal such a thought.

I am convince that the most dangerous thing anyone can do is to read a book for him or herself.

Go on ksen, live dangerously

 

[Axulus]

ksen

Start with this

 The Theory of Moral Sentiments

It is the foundation on which Smith's later works are based.

It begins with this basic proposition.

How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortunes of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it. Of this kind is pity or compassion, the emotion we feel for the misery of others, when we either see it, or are made to conceive it in a very lively manner. That we often derive sorrow from the sorrows of others, is a matter of fact too obvious to require any instances to prove it; for this sentiment, like all the other original passions of human nature, is by no means confined to the virtuous or the humane, though they perhaps may feel it with the most exquisite sensibility. The greatest ruffian, the most hardened violator of the laws of society, is not altogether without it.

A moral, economic and political philosophy based on caring for others.

Now do you see why a libertarian (USA variety) might not want to deal such a thought.

I am convince that the most dangerous thing anyone can do is to read a book for him or herself.

Go on ksen, live dangerously

So I guess that's why the libertarian economist Russ Roberts wrote this book? How little you seem to understand about the people you so freely malign.

How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness

Adam Smith may have become the patron saint of capitalism after he penned his most famous work, The Wealth of Nations. But few people know that when it came to the behavior of individuals—the way we perceive ourselves, the way we treat others, and the decisions we make in pursuit of happiness—the Scottish philosopher had just as much to say. He developed his ideas on human nature in an epic, sprawling work titled The Theory of Moral Sentiments.

Most economists have never read it, and for most of his life, Russ Roberts was no exception. But when he finally picked up the book by the founder of his field, he realized he’d stumbled upon what might be the greatest self-help book that almost no one has read.

In How Adam Smith Can Change Your Life, Roberts examines Smith’s forgotten masterpiece, and finds a treasure trove of timeless, practical wisdom. Smith’s insights into human nature are just as relevant today as they were three hundred years ago. What does it take to be truly happy? Should we pursue fame and fortune or the respect of our friends and family? How can we make the world a better place? Smith’s unexpected answers, framed within the rich context of current events, literature, history, and pop culture, are at once profound, counterintuitive, and highly entertaining.

By reinvigorating Smith’s neglected classic, Roberts provides us with an invaluable look at human behavior through the lens of one of history’s greatest minds.

http://www.amazon.com/Adam-Smith-Change-Your-Life/dp/1591846846

 

[AthenaAwakened]

ksen

Start with this

 The Theory of Moral Sentiments

It is the foundation on which Smith's later works are based.

It begins with this basic proposition.



A moral, economic and political philosophy based on caring for others.

Now do you see why a libertarian (USA variety) might not want to deal such a thought.

I am convince that the most dangerous thing anyone can do is to read a book for him or herself.

Go on ksen, live dangerously

So I guess that's why the libertarian economist Russ Roberts wrote this book? How little you seem to understand about the people you so freely malign.

PLEASE READ THE WORDS PROVIDED!!

Now do you see why a libertarian (USA variety) might not want to deal such a thought.

How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness

Adam Smith may have become the patron saint of capitalism after he penned his most famous work, The Wealth of Nations. But few people know that when it came to the behavior of individuals—the way we perceive ourselves, the way we treat others, and the decisions we make in pursuit of happiness—the Scottish philosopher had just as much to say. He developed his ideas on human nature in an epic, sprawling work titled The Theory of Moral Sentiments.

Most economists have never read it, and for most of his life, Russ Roberts was no exception. But when he finally picked up the book by the founder of his field, he realized he’d stumbled upon what might be the greatest self-help book that almost no one has read.

In How Adam Smith Can Change Your Life, Roberts examines Smith’s forgotten masterpiece, and finds a treasure trove of timeless, practical wisdom. Smith’s insights into human nature are just as relevant today as they were three hundred years ago. What does it take to be truly happy? Should we pursue fame and fortune or the respect of our friends and family? How can we make the world a better place? Smith’s unexpected answers, framed within the rich context of current events, literature, history, and pop culture, are at once profound, counterintuitive, and highly entertaining.

By reinvigorating Smith’s neglected classic, Roberts provides us with an invaluable look at human behavior through the lens of one of history’s greatest minds.

http://www.amazon.com/Adam-Smith-Change-Your-Life/dp/1591846846

 

[dismal]

ksen

Start with this

 The Theory of Moral Sentiments

It is the foundation on which Smith's later works are based.

It begins with this basic proposition.

How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortunes of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it. Of this kind is pity or compassion, the emotion we feel for the misery of others, when we either see it, or are made to conceive it in a very lively manner. That we often derive sorrow from the sorrows of others, is a matter of fact too obvious to require any instances to prove it; for this sentiment, like all the other original passions of human nature, is by no means confined to the virtuous or the humane, though they perhaps may feel it with the most exquisite sensibility. The greatest ruffian, the most hardened violator of the laws of society, is not altogether without it.

A moral, economic and political philosophy based on caring for others.

Now do you see why a libertarian (USA variety) might not want to deal such a thought.

I am convince that the most dangerous thing anyone can do is to read a book for him or herself.

Go on ksen, live dangerously

Well you've managed to convince me (once again) you haven't the slightest clue what libertarians think because I can't imagine why this would bother one. Except the Randians, of course.

I also find it pretty amusing a bunch of socialists think I'm scared about you reading Adam Smith.

Oh noes, they're reading Adam Smith now -- next they'll be advocating laissez faire economics and prattling on about the Invisible Hand...

 

[laughing dog]

Well you've managed to convince me (once again) you haven't the slightest clue what libertarians think because I can't imagine why this would bother one. Except the Randians, of course.

I also find it pretty amusing a bunch of socialists think I'm scared about you reading Adam Smith.

Oh noes, they're reading Adam Smith now -- next they'll be advocating laissez faire economics and prattling on about the Invisible Hand...

Anyone who had actually read Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations would understand how utterly silly that comment is. It is abundantly clear that Smith did not advocate unlimited or unregulated free markets.

 

[AthenaAwakened]

ksen

Start with this

 The Theory of Moral Sentiments

It is the foundation on which Smith's later works are based.

It begins with this basic proposition.



A moral, economic and political philosophy based on caring for others.

Now do you see why a libertarian (USA variety) might not want to deal such a thought.

I am convince that the most dangerous thing anyone can do is to read a book for him or herself.

Go on ksen, live dangerously

Well you've managed to convince me (once again) you haven't the slightest clue what libertarians think because I can't imagine why this would bother one. Except the Randians, of course.

I also find it pretty amusing a bunch of socialists think I'm scared about you reading Adam Smith.

Oh noes, they're reading Adam Smith now -- next they'll be advocating laissez faire economics and prattling on about the Invisible Hand...

you haven't actually read Smith, have you? I don't just mean what you may have been assigned for a class some time in the past, but really sat down and read, dissected and analyzed the works of Adam Smith.

 

[ksen]

I can't find my copy. I'll have to buy a new one. There's a combo Wealth of Nations/Moral Sentiment kindle edition for pretty cheap. But I'd like to have a paper copy of them. #fwp

 

[Axulus]

I can't find my copy. I'll have to buy a new one. There's a combo Wealth of Nations/Moral Sentiment kindle edition for pretty cheap. But I'd like to have a paper copy of them. #fwp

The works are public domain, so you can get them for free. I even found a free audio version.

 

[SimpleDon]

I've read excerpts here and there mostly back in college. But dismal has convinced me to read the whole thing and I just happen to have a copy at home.

Anyone want to read it with me?

I have read it. I don't think that you will get much out of it. Adam Smith's economy was considerably different than the economy that we have today.

I would also discourage the idea that there is a bible for economics, a book that explains all or even a book that provides the basis of mainstream economics. The ubiquitous Economics by Paul Samuelson, et al, the book that about 60% of undergraduate economics is taught out of, is in its 19th edition, about one every three to four years since it was first published.

And its function as a textbook actually impedes its use as a book explaining the current state of economics. The textbook presents a simplified, almost cartoonish economic theory, what we justifiably deride as Econ 101, supply and demand setting prices when about 80 to 85% of the prices in the economy are administered prices set by the producer, for example. The reasoning behind teaching these unrealistic theories is that the average undergraduate in the US doesn't understand enough mathematics to understand the real theories. Unfortunately, the Econ 101 that results is the only economics that 95% of undergraduates take.

I can't even recommend that you read Keynes' General Theory of Employment, Interest and Money, without question the most important and influential economics book of the 20th century. It was written for economists and it presumes a lot of knowledge of Marshall's neoclassical economic theory. It was an attempt to rescue Marshall, who was Keynes' mentor, from his numerous critics. Keynes outlined the way forward from Marshall and in the process pretty much destroyed the theoretical basis of neoclassical economics. He started out to praise Marshall but ended up burying him.

And like all economics books it is necessarily a product of its times. The monetary system was still loosely tied to gold and wasn't anywhere close to being understood. Keynes understood the problems with the idea of a general equilibrium, neoclassical economics' idea that the economy will try to always return to a but still couldn't completely shake its influence.

It is a brilliant book and yet it was an outline to use for further research. He literally launched a thousand research papers with a single sentence.

If you want to read a book that doesn't presume any previous knowledge of economic theory I would recommend Debunking Economics: the Naked Emperor Dethroned, by Steve Keen. The book is a critique of the mainstream, neoclassical synthesis economics of today. But Keen presents mainstream theory in an easy to understand way, before he tears into it.

I started my journey from Friedman monetarist there and now consider myself to be Post Keynesian, a heterodoxical economics opposed to the orthodoxy of neoclassical economics. In general Post Keynesians start with Keynes and instead of arguing over whether Keynes was right or wrong about certain obscure minutia, they take Keynes as he intended, as a starting point to develop his ideas further and adapt them to the economy that we have today.

 

[AthenaAwakened]

ksen,

Am I safe in assuming you aren't trying to get your PhD and you aren't looking for the perfect economics theory that explains all?

You just wanted to read a book, a book that talking heads claim to quote from and wave around on the screen like Ven Helsing trying to keep back Dracula, right?

Then just read the book. If you like the topic, read more about it. Some very good books have been suggested.

Happy reading