“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity, but to their self-love, and never talk to them of our own necessities, but of their advantages.”
So I recently re-listened to an audiobook called “The Wealth of Nations: Adam Smith.” It is a modern discussion of this famous work, which is some five hours long. They do not attempt to give their listeners the entire text of “The Wealth of Nations,” since this would take far longer than five hours to do. But they do give a good summary of this famous work, and give the reader a good introduction to the book that created the new “economic science.”
What does this audiobook offer that the book itself doesn't?
I had already read the entire text of “The Wealth of Nations” itself before listening to this. Thus, you might expect that I didn't learn much that was new from this. But on the contrary, I learned much from this audiobook. Part of it was the biographical information that they gave about Adam Smith himself, both in his time as a professor, and in his years as a sometime tutor for paying students. Part of it was in their discussion of the historical context of his ideas, and the people and ideas that Adam Smith was responding to in his great magnum opus. But part of it was also the commentary (given from a modern perspective) on some of these ideas. For example, they show his influence on later generations, which has been massive in many ways. Adam Smith is one of the most influential people in world history, and helped to shape the world that we live in today (especially in the United States, where his ideas have been particularly significant).
Adam Smith
How much does this audiobook agree with Adam Smith? (A lot, as it turns out ... )
I didn't find much to disagree with in this presentation. They do take him to task for his version of the “labor theory of value,” as it turns out, but tend to praise him in virtually every other area. Ironically, his “labor theory of value” had a great effect on people like Karl Marx, who seems to have read “The Wealth of Nations” systematically searching for weaknesses, to adopt as his own. But Marx seems to have rejected everything that was good about “The Wealth of Nations,” including its attitude towards the free market. As they show, Adam Smith's laissez-faire philosophy was not as extreme as some later commentators have made it out to be. For example, he believed in government and the rule of law, and supported the institution of taxation (at least in some form). But overall, he was a big believer in the free market; and made a solid case for it being a necessary institution that actually works in the real world.
Adam Smith
Conclusion: This is a great audiobook
Thus, this is one of the better audiobooks that I've listened to, and comes across as a real “tour de force.” If you're interested in Adam Smith, this is a good match for you; and is far less a commitment of time than actually reading the book itself (although there is no substitute for that).
Footnote to this blog post:
One thing that this audiobook does not mention is Adam Smith’s influence upon our Founding Fathers. For example, Thomas Jefferson once endorsed it in 1790. Here is the exact quote:
“The study of the law is useful in a variety of points of view. It qualifies a man to be useful to himself, to his neighbors, and to the public. It is the most certain stepping stone to preferment in the political line. In political oeconomy I think Smith’s wealth of nations the best book extant. In the science of government Montesquieu’s spirit of laws is generally recommended.”
“The Classical Economists” (audiobook) at AudiobooksNow.com
If you liked this post, you might also like:
A review of “The Classical Economists” (audiobook)
“The Wealth of Nations” and David Hume
Adam Smith and the American Revolution
Adam Smith and the Pin Factory
Part of the audiobook series
The Giants of Political Thought
Adam Smith’s The Wealth of Nations
Others to be covered later
See also the audiobook series
Great Economic Thinkers
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