The Wealth of Nations: Volumes I-V (Full Translation)

Our father of economics, his insights into economics are truly admirable. 246 Years have passed, and this knowledge is still regarded as truth by everyone. Adam Smith's carefulness and patience are also touching. He repeatedly explained one truth after another, just for fear that others would not understand it. Now it seems that it is indeed a bit verbose and repetitive, which of course also shows the author's good intentions.

This classic economics masterpiece has a history of more than 200 years. The times are in progress, and many of the theories in it are still very useful today. I am impressed by Adam Smith's advanced thoughts and theories. Adam Smith is the originator of economics, the father of economics, the greatest economist in history, and the Queen of England together with the Queen of England on the cover of £20. With so many titles, his influence is still far-reaching. Read the entire book Adam Smith tries his best to show us the knowledge in economic activities in easy-to-understand language.

I have been reading it on and off for two years, and I partially understand it but most of it is confused. The explanation is very detailed, supported by a lot of data, and I can see that it is very easy to understand. But why is it said "visible"? Because I am too stupid to absorb the essence of this book very well, but I am very satisfied after reading it once. I hope that I will gain new gains by re-reading this book after a while!

Although more than two hundred years have passed, some theoretical knowledge is still valid. It can indeed be regarded as a classic at the level of the founder of economics!

An eighteenth-century book of wisdom that provides insights into the nature of the economic world. Adam Smith profoundly explained the importance of division of labor in his book, and vividly demonstrated how division of labor can greatly improve production efficiency through the example of pin manufacturing. Division of labor allows workers to focus on specific work aspects, thereby mastering skills through continuous repetition and reducing time loss in switching jobs. In a market environment of free competition, individuals' pursuit of their own interests often unconsciously promotes the overall interests of society. Everyone is working hard for their own interests, but under the regulatory effect of the "invisible hand" of the market, a reasonable allocation of resources is achieved. "The Wealth of Nations" is a profound insight into human social and economic activities and provides valuable theoretical basis for us to understand the operation of the modern economic system. Even in today's era, it still has great practical significance. [Three core questions] 1. What is the real source of wealth? : Labor is the real source of wealth; people create wealth by converting natural resources into valuable goods and services through labor. (For example, farmers work hard to grow crops and then sell them to earn income) 2. How does the market mechanism work? : Adjust resource allocation through price mechanism, supply and demand, etc. When supply exceeds demand, prices fall; when supply falls short of demand, prices rise, thereby guiding the behavior of producers and consumers. (When a certain fruit is on the market in large quantities, the price will drop, and consumers will buy more; and producers seeing the price drop may reduce the planting area, thus regulating market supply and demand) 3. Why can division of labor improve production efficiency? : Division of labor enables workers to focus on specific tasks, improves proficiency and skills, reduces time loss in job switching, and promotes the invention and use of machines. (For example, workers on the automobile production line are responsible for different processes, such as installing tires, assembling engines, etc. This can greatly improve production efficiency) Key concepts Division of labor theory: Division of labor is a key factor in improving productivity. Division of labor allows workers to focus on specific tasks, thereby improving proficiency, saving time for job switching, and promoting technological innovation. Division of labor exists not only within factories, but also in various fields of social economy. The division of labor between different occupations and industries allows people to produce goods and provide services more efficiently, thereby promoting economic development. Value Theory: The value of a commodity comes from the labor expended in producing it. Value is divided into use value and exchange value. Use value is the attribute of a commodity that meets certain needs of people, while exchange value is the ability of one commodity to exchange for another commodity. Although labor is the source of value, the exchange value of commodities does not entirely depend on the amount of labor expended in producing the commodities, but is also affected by factors such as market supply and demand. Monetary theory: Money is spontaneously generated in the process of commodity exchange and is a tool invented to facilitate transactions. The main functions of money are as a medium of exchange, a measure of value and a means of storage. The emergence of currency made commodity exchange more convenient and promoted economic development. Price theory: Price is divided into natural price and market price. Natural price refers to the price of goods determined by the cost of producing goods in the long term, including wages, profits and land rent; market price refers to the actual transaction price of goods in the market. It is affected by the relationship between supply and demand and fluctuates around the natural price. International trade theory: Also called the theory of absolute advantage, countries should specialize in producing and exporting goods in which they have an absolute advantage, and importing goods in which they have an absolute disadvantage. Through international trade, countries can use their own advantageous resources to improve production efficiency and increase wealth. Free trade can promote the international division of labor and optimal allocation of resources, and improve the welfare level of various countries.

It is recommended that when translating, you can add the conversion ratio into current currency in parentheses.

Yes, it is an enlightenment book on economics.

This classic economics masterpiece has a history of more than 200 years. The times are in progress, and many of the theories in it are still very useful today. I am impressed by Adam Smith's advanced thoughts and theories. Adam Smith is the originator of economics, the father of economics, the greatest economist in history, and the Queen of England together with the Queen of England on the cover of £20. With so many titles, his influence is still far-reaching. Read the entire book Adam Smith tries his best to show us the knowledge in economic activities in easy-to-understand language.

There is an invisible hand in the market. This is one of the important theories of Adam Smith. The author published the economic book "The Wealth of Nations" in 1776. It is considered the founding work of modern economics and has had a profound impact on economic theory and policy. The principles of market economy, the mechanism of wealth creation and the conditions for economic development are discussed. One of the most important concepts is the concept of the "invisible hand", which refers to the idea that in a free market economy, individual self-interested behavior will ultimately lead to maximizing the interests of the entire society. Smith advocated that free competition in the market economy can guide the effective allocation of resources and increase productivity, thereby promoting economic growth and prosperity.

Ah, a good book, a good book, but it's a pity that I can't understand it.

Speaking of economics books, this book is like a towering mountain, with a certain level of professionalism. This work is an economics work that Adam Smith spent nearly ten years writing. It laid the theoretical foundation of capitalist free economy and can be called the "Bible" of the Western economics community. In the book, Adam Smith proposed the idea of ​​the "invisible hand." The "invisible hand" refers to the market. In the author's opinion, the natural free system and economic liberalism are important guarantees for the "invisible hand" to fully exert its effectiveness.

He gave a lot of examples, very easy to understand. In fact, the translation is a bit bad, and the sentence-by-sentence translation is too trivial.

Over the years, I have been strongly recommending this book to my students and friends. Among all the book lists I have given to others, there is no book without the name of this book. I have also interpreted this book on many occasions. The reason why I spare no effort to praise it may be related to my deep-rooted literary views. In other words, such a book is in line with my reading interests and ideas. I don't care whether anyone regards it as a classic, but to me, it is a classic, at least it has the quality of a classic.

I finished reading this large book in one sitting. Adam Smith is worthy of being called the originator of modern economics. In this book, various aspects such as division of labor, currency, prices, taxes, etc. Are discussed in detail. After reading this book, I have a feeling that modern economics has been completely established by him, while so many modern economists have only refined and abstracted his work. Adam Smith's familiarity with the social conditions and historical data at that time is simply astonishing. There are detailed data everywhere to confirm his theories, and his incisive analysis of social facts can be seen everywhere.

Easy to understand and informative, suitable for enlightenment of people with zero basic knowledge of economics

Not bad. The various policies and first-level economic systems of the past two hundred years are all very good.

What exactly is political economy? Smith believed that the basic research goals of political economics were "rich countries" and "rich people." From discussing the reasons for the increase of labor productivity and the order in which the products of labor are naturally distributed to various classes of people, to discussing the nature of assets, their savings and uses; from discussing the different development of wealth in different countries to discussing the system of political economy, the book ends with the last chapter on the income of the monarch or the country. The so-called national wealth refers to all the daily necessities and conveniences provided for national consumption every year.

Adam Smith was exceptionally foresighted and his vision was far beyond imagination. It is impossible to imagine that he was a person many centuries ago. Many of his principles are applicable and even still in use today. In comparison, I feel miserable and mediocre.

Need to read it a few more times

I have a new understanding of the "human division of labor" and "the relationship between commodities and money" in the book. It is still very practical today, or I only understand this part. As for other parts, "taxation", "land" and "state expenditure" can be said to be normal social phenomena and do not require too much detailed thinking. Generally speaking, it is indeed worth recommending. However, it is estimated that it will not be applicable in a few hundred years, because the information and data age are becoming more and more developed, and the old rules will inevitably be broken! ! !

He pointed out that the wealth of a country depends on the output of labor and the proportion of the working population engaged in useful labor. This made me understand that the prosperity of a country not only depends on resources, but more importantly, the labor and skills of its people. This book also gave me a deep understanding of the complexity and duality of the market economy. It helped me understand the principles of social wealth distribution, and also gave me deeper thinking about future economic development. All in all, The Wealth of Nations is definitely worth reading!

Although some parts are difficult to read, it does not prevent it from being a classic work. I will finish reading this masterpiece at 15:13 pm on November 19, 2024, to record it as a souvenir.

This is a book worth collecting and reading again and again.

An academically rigorous economics bible.

Easier to read than Das Kapital, this book is translated quite well and is fluent and easy to understand.

Not bad, but it's a bit old

You don't have to read The Analects of Confucius, you must read this book

I started reading it many years ago but did not finish it. Now I have finally finished it and it is also an extensive reading. Reading is really a joyful and confusing thing.

Very good, worth reading carefully, reading again and again, super good-looking, and benefited a lot

It's not bad, but I can't understand some professional terms [exploration]