The World's Best Book Summaries
What’s so great about the free market? Does self-interest benefit everyone? How should taxes be used? Many economists consider The Wealth of Nations by Adam Smith to be one of the major foundational texts of their discipline. Writing in 1776, Smith argues that free markets are the best institution for cultivating a nation’s wealth. Continue reading for an overview of this important classic work.
Can self-interest be a good thing? What does it have to do with labor, embargoes, and taxation? According to Adam Smith, self-interest in the context of a free market is what a nation needs in order to flourish. In The Wealth of Nations, he argues that free markets harness the power of rational self-interest to incentivize the production of useful goods while efficiently distributing surplus wealth. Read more to understand Smith’s case for free markets and individual self-interest as the best ways to grow a nation’s economy.
What is specialization of labor? What impact does it have on workers and on the economy as a whole? According to Adam Smith, specialization of labor contributes to the wealth of a nation. In his seminal work, The Wealth of Nations, Smith explains three ways this happens. He also discusses how a market’s size affects the amount of specialization that can occur. Continue reading to learn Smith’s views on labor specialization.
How does a country make money? What separates a wealthy country from a poor country? Many economists consider Adam Smith’s The Wealth of Nations one of the major foundational texts of their discipline. Writing in 1776, Smith argues that free markets are the best institution for cultivating a nation’s wealth. Keep reading to learn the basics of how a country makes money.
Could you live your life without ever buying something that someone else produces? What do you produce that others buy? In The Wealth of Nations, Adam Smith lays much of the groundwork for the field of economics. He makes the case for free markets, and he puts forward his theories on what markets exchange and how they’re able to facilitate this exchange. One of his theories is that labor is the basis of value. Let’s take a look at Adam Smith’s labor theory of value.
How did Nelson Mandela’s birth name set the stage for his extraordinary life? How did he get the name “Nelson”? Long Walk to Freedom chronicles Nelson Mandela’s extraordinary life story, as told by the man himself. Mandela is known as one of history’s great peacemakers, but his own life wasn’t a peaceful one. Even his birth name reflects this. Continue reading to learn about Nelson Mandela’s childhood based on what he wrote in his autobiography.
How are prices set? What role does competition play in an economy? Do markets actually regulate themselves if they’re free? In The Wealth of Nations, Adam Smith argues that free markets are the most efficient way of directing the production and exchange of goods to grow a nation’s wealth (and thereby enable the specialization of labor). He explains the mutually-beneficial interplay of markets and prices. Read more to understand Smith’s argument that market self-regulation really works.
What was apartheid? How did it impact people’s lives? When and how was it defeated? Long Walk to Freedom chronicles Nelson Mandela’s decades-long fight against the evil policy of apartheid in South Africa. He discusses the background of apartheid, the rise of policy, his efforts during his imprisonment, and the ultimate defeat of apartheid. Read more to learn the history of Nelson Mandela and apartheid.
What makes a story good? What basic human longing does it fulfill, and how does it fulfill it? Robert McKee began teaching stories in a university class and has since become one of the most sought-after lecturers on the topic. In his book Story, he discusses why people love stories and shows writers how to take advantage of this obsession. He also explains why writers should learn story theory. Continue reading to learn McKee’s ideas on what makes a story good as well as the purpose of story theory.
How is the cost of capital determined? What impacts capital lending markets? One of a business’s costs is its capital, which it usually borrows from capital lenders. This lending happens in a competitive market. In The Wealth of Nations, Adam Smith discusses three factors that influence that market: risk to the investor, profit on capital, and changes in supply chains. Continue reading to learn how the markets determine the cost of capital, according to Smith.