THE WEALTH OF NATIONS SUMMARY (BY ADAM SMITH)

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Adam Smith was a Scottish economist, philosopher and author, and a very successful one at that. His masterpiece “The Wealth of Nations” was released in 1776, and was at that time considered very controversial, but it has laid out the groundwork for pretty much all economics since. Smith is often referred to as “The Father of Economics” or “The Father of Capitalism”, for good reasons.

Top 5 takeaways from “The Wealth of Nations” by Adam Smith:
0:00 Intro
01:22 Productivity is king
04:38 Money: What is it and why do we use it?
07:35 The three components of price
10:40 The three components of price … part 2
13:30 Why some jobs pay more than others do

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[QuestionEverythingButWHY]

“The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.”
― Adam Smith

[valentinstoyanov]

One of the most influential books in the human history. Strongly recommend it.

[selfable-relyonyourself]

Short Summary of this summary 😉
takeaway 1. Productivity is king 01:22
Takeaway 2. Money: What is it and why do we use it? 04:38
Takeaway 3. The three components of price 07:35
Takeaway 4. The three components of price … 10:40
Takeaway 5. Why some jobs pay more than others do 13:30

[loganmedia]

Based on the book I think Adam Smith would say that a basic income leading to laziness is nonsense, which it is. He also talks about the need for robust regulation and the fact that the masters will seek to corrupt the regulators. He further talks about the value of workers banding together to balance the power of the masters and that the masters will try to use their power to make laws to prevent workers from banding together. He gives tacit support for progressive taxation, that it is reasonable for those who earn more to pay a higher percentage of their income as tax. The interference he was against is that where a country tries to prop up an industry by taxing imports. He was in favour of some types of interference, like regulation, protecting labour. He wrote many times in opposition to laissez-faire. Which is why it is ironic when modern laissez-faire proponents quote just two words, which appear only once in the book.

[gabrielsong]

Everytime i buy a book, he creates a top 5 takeaways on it. He can read my

[sudhirpatil]

By far 1 of best books written in history of mankind is " An enquiry in to the nature and causes of wealth of nations" by Adam Smith

[QuestionEverythingButWHY]

“Great spirits have always encountered violent opposition from mediocre minds.”
― Albert Einstein

[maximme]

this really "increaseing my knowledge"
You are the king!

[mrp]

Tack för hela samlat kunskap som du ger till oss!

[sajinpaul]

I am really interested in the part 2 of this video
Really relavent content to this day

[raffybuccat]

Thank u for taking my request of wealth of nation😊

[nachannachle]

The biggest crises we have in the Capitalist world are tightly linked to paradigm shifts around "Productivity".
At the time of the Industrial revolution, Productivity used to be the equation between Rent, Profit and Wages.
As we hit the Financial globalisation, Productivity is now the equation between Debt, Credit and Interests.
In the move towards Digital decentralisation, Productivity will become the equation between Yield farming, Swaps and Fees.

[mddij]

Great to see this good old book put in an awesome video! 👍

[jeanpolice]

Glad to see U still here. This one is big as security analysis. Not the easiest one ! You rock 💪💪 ⭐

[sumitsagarg]

LOVED THE VIDEO AND THE ADAM SMITH VOICE! GREAT WORK. KEEP IT UP MAN!!

[arnavrastogi]

Very well explained..loved it..thank you!!!

[robimgabriel]

I litteraly thought of this book yesterday...

[alexisbenoit]

That is a great idea to summarize the great books of economics. In that case, I would expect a video about David Ricardo, who continued Adam Smith's theory, John Stuart Mills utilitarianism, Thomas Robert Malthus on the impact of overpopulation on food shortage and the economy and Karl Marx's Capital. That book is hard to understand and we see ideas coming from it everywhere, like the Reserve Army of Labour. And that would give you many additional viewership from the left.

Just suggesting. But I think you could grow your public with economy's great thinkers. Personally, I would be most interested by a summary of David Ricardo's Principles of Political Economy and Taxation and one from Karl Marx's Capital.

[kaykim]

I love your videos . So easy to understand especially with this images . I saw almost or all your videos .

[thekristenkchannel]

Love these videos! Thank you for taking the time to create them