Recently, came across this...condensed version of "Wealth of Nations by Adam Smith"...I have been eager to read this book but the original volume is pretty huge and the language used by Smith is also not too trivial especially for a person like me who has no formal background in economic science..I downloaded this at once and was pleasantly surprised to find that the condensed version is around 75 pages ;-) written in modern English language.
It was a pretty good read as anticipated and gave me a gist of his views on trade,commerce and public policy...Considering the fact that Smith wrote this in eighteenth century and his words and wisdom constitute the basis for the economic science today, two centuries later, is truly ground breaking and make Smith one of the most influential original thinkers.
Reading about the concepts of money in terms of use value and exchange value were interesting...The key message here was that money is a just medium of exchange and by itself has no value. The true value of money lies in what it can buy...so true...Had a chance to understand the diamond-water value paradox better..When water is so important to survival and diamond is not, why is it that diamond has such enormous value compared to value of water...
Apparently, the author of this condensed version clarifies the reason why Smith concluded on some answers other than marginal utility theory...This is one of the other advantages of this condensed version that it outlines the original thoughts of Smith as it was written and explains them in modern language avoiding the chance for misinterpretation...Great initiative by the author...
This book is freely available at www.adamsmith.org/
It was a pretty good read as anticipated and gave me a gist of his views on trade,commerce and public policy...Considering the fact that Smith wrote this in eighteenth century and his words and wisdom constitute the basis for the economic science today, two centuries later, is truly ground breaking and make Smith one of the most influential original thinkers.
Reading about the concepts of money in terms of use value and exchange value were interesting...The key message here was that money is a just medium of exchange and by itself has no value. The true value of money lies in what it can buy...so true...Had a chance to understand the diamond-water value paradox better..When water is so important to survival and diamond is not, why is it that diamond has such enormous value compared to value of water...
Apparently, the author of this condensed version clarifies the reason why Smith concluded on some answers other than marginal utility theory...This is one of the other advantages of this condensed version that it outlines the original thoughts of Smith as it was written and explains them in modern language avoiding the chance for misinterpretation...Great initiative by the author...
This book is freely available at www.adamsmith.org/
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