Adam Smith's The Wealth of Nations: A modern-day interpretation of an economic classic
Published in 1776, Adam Smith’s The Wealth of Nations was the first comprehensive treatment of political economy. Today it is considered one of the most influential books ever written and its author is regarded as the father of classical economics. Smith did for economics what Darwin did for science. Here Karen McCreadie interprets this inspiring book for the modern day world of finance, business and economics, illustrating the timeless nature of Smith’s insights by bringing them to life with twenty-first century examples. Modern readers will discover: • How to improve productivity; • How to avoid divisive management; • Why you should pay your people well; • The importance of long-range thinking; • Why playing the lottery is no substitute for economic strategy. While we cannot know what Smith would have made of the excesses of capitalism we’ve already witnessed in the twenty-first century, the range of ideas inside demonstrates that The Wealth of Nations is every bit as relevant today as it was in 1776. This interpretation of Adam Smith’s The Wealth of Nations 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 with contemporary examples. Given the continuing turbulence of the global economy this brilliant interpretation of a classic of political economy couldn’t be more timely.
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29 Gender and money
30 Choosing the right profession
31 The curse of credit cards
32 Safe as houses
33 Keep the money moving
34 Keep the coffers full
35 The perils of inflation
36 Economies prosper by productive labour
8 The origin of money
9 What is value?
10 The need for banking regulation
11 How to make money
12 The market dictates price
13 Secrets are good for business
14 Create a monopoly
15 Avoid divisive management
16 Pay your people well
17 Dont have children
18 Collaboration is better than domination
19 Dont read this chapter
20 Money makes money
21 Working is good for the soul
22 How wages are determined
23 Success is usually dependent on ability
24 Playing the lottery is not an economics strategy
25 How insured are you really?
26 A little extra can make a big difference
27 The importance of education
28 Falling standards of education
37 Thrift is not a difty word
38 Confine your expenses within your income
39 Bankruptcy is no longer a calamity
40 Instant gratification is expensive
41 Take an interest in your interest
42 The connection between property and interest
43 Export the extra
44 The importance of longrange thinking
45 A carrot is always better than a stick
46 Emotion is bad for business
47 Overtrading eventually weakens demand
48 Get paid on time
49 War is lucrative
50 Focus on quality
51 When is cheap too cheap?
52 When is enough enough?
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Adam Smith's The Wealth of Nations: A modern-day interpretation of an ...
Limited preview - 2009
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