THE WEALTH OF NATIONS SUMMARY (BY ADAM SMITH)

[@TheSwedishInvestor]

The Wealth of Nations | Part 2: kzbin.info/www/bejne/amOWeahnfpqql5o

[@adelatorremothelet]

I was just going to comment that this video covers only part of Book 1 ( out of 5! ) Kudos for doing a second video.

[@waliyatoyeniyi3541]

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[@henrygustav7948]

kzbin.info/www/bejne/d4Oug4hmoKinfbM&t=

[@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

[@vivek9818]

Thanks bro🔥

[@Si_Mondo]

Something else Marx failed on... What a surprise! /s

[@kimobrien.]

@@Si_Mondo Full of falsehoods from the very beginning. The first machines to harvest sugar cane were built in revolutionary Cuba The first Tokamak in the Soviet Union. The first synthesis of artificial insulin the People's Republic of China. The greater the number of machines in use the more a general culture of machine operators and tenders replaces the skilled workers of the past. Higher paid skilled labor is replaced with unskilled labor and machines first.

[@fredatlas4396]

​​@@kimobrien. Capitalism doesn't appear to be working very well for the majority of people. And how do we go about really knowing ourself ?

[@kimobrien.]

@@fredatlas4396 The general conclusion of the revolutionary workers or communist movemnet is that capitalism finished its task of primitive accumulation with the advent of the first world war where the richest of the capitalist countries went to war with each other in 1914 over who would control of the worlds resources, colonies and labor. This is an era of both Imperialist war which threatens life on the planet and socialist revolution which is the revolutionary response to the crisis that capitalist economics is creating by the worlds last capitalist investors empire the United States. The decline of the Empire is seen in its failures in both international relations and the stagnation and overall decline of the living standards in the United States itself.

[@valentinstoyanov304]

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

[@TheSwedishInvestor]

Cheers Valentin Stoyanov!

[@valentinstoyanov304]

@@TheSwedishInvestor When you decide to visit Bulgaria, just drop me a line. BTW, I have studied at the University of Hamburg but I made it only to Copenhagen back then (2002-2003). Sweden is on my list ever since.

[@Itssebastiankoziol]

Just opened it and man is this lingo gonna make it fun

[@Rikard_A]

Anders Chydenius book The Nation gain or Nationella vinsten was releasedatum eleven years before Adam Smith.

[@valentinstoyanov304]

@@Rikard_A Never heard of it...

[@loganmedia1142]

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.

[@bvmokaya]

❤

[@hanklesacks]

Giving ppl money for free gives them less of an incentive to be productive, that's just simple common sense. Stealing ppl's money isn't progressive, it goes against logic to punish ppl for being successful as it gives them less an incentive to invest, innovate, work hard.

[@bvmokaya]

@@hanklesacks You should try read more books my friend. Everyone who reads your first sentence knows you haven't read a book since eighth grade

[@hanklesacks]

@@bvmokaya That isn't an argument "my friend"

[@fredatlas4396]

He sounded like a very wise man

[@selfable-relyonyourself3504]

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

[@Vanessa-tm2sr]

geile siech

[@gabrielsong6124]

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

[@sudhirpatil3434]

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

[@mrp973]

Tack för hela samlat kunskap som du ger till oss!

[@nachannachle2706]

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.

[@maximme]

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

[@maeamorh.893]

Nah, it won't matter when he earns more than the one who knows how to spell it right..money can find an orthographer...but no need..the content and intent is well understood..the one criticizing it--is ignorant..I'm here to learn..not to criticize..or make your own video, I would be happy to critique :))

[@QuestionEverythingButWHY]

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

[@weirdblackcat]

"[Capitalism] as it exists today is, in my opinion, the real source of evils. I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals. In such an economy, the means of production are owned by society itself and are utilized in a planned fashion." - Albert Einstein

[@theTimmer]

@@weirdblackcat Einstein was also wrong about entanglement. Those countries, as he outlined, have been tried. Go live in one of them and see if you like it.

[@weirdblackcat]

@@theTimmer I'm from a Nordic country so I do know what it's like to live in a mixed economy that leans a bit less towards free market capitalism and a bit more towards market socialism and it's great. I get worker board representation (more power for workers), have really high union density (more power to workers) which means we don't even need a min. wage because unions set that, resources aren't extracted and privatised without high Georgist taxes (more equality/economic democracy), the state owns 1/3rd of the domestic stock market (democratic ownership of the means of production!), 65% of wealth in Norway is owned by the state (2x what the "communist" Chinese state owns!), runs 70+ state orgs incl. a consumer bank, telecom, and more, has several social wealth funds incl. the $1T+ international one that means the Norwegian state has sway over market economies around the world. I love it here.

[@sajinpaul8810]

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

[@jeanpolice3044]

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

[@TheSwedishInvestor]

Much appreciated Jean Police! It was one of the toughest ones to get through so far, but it does contain a lot of interesting information. Adam Smith was definitely a pioneer!

[@SuccessMindset2180]

1. Productivity helps to improve consistency 2. Determining price is very complicated, especially if inflation added into the mix

[@raffybuccat6146]

Thank u for taking my request of wealth of nation😊

[@TheSwedishInvestor]

My pleasure 😊 Hope you enjoyed it, and that you'll stay tuned for part 2!

[@mddij]

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

[@piotrc3718]

Excellent material. Thank you!

[@sumitsagarg]

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

[@provolone5336]

YESSSSS THE WEALTH OF NATIONS

[@alexisbenoit8768]

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.

[@TheSwedishInvestor]

I appreciate the suggestions Alexis Benoit! i think Karl Marx's Capital will have to wait a while though, I don't want to be gone from uploading for 3 weeks+ again so soon haha.

[@sl66ggehrubt]

Kapital is not a valid treatise on economics. It does not adhere to or build upon the sum of individuals motivations and actions, but instead assigns fictional behavior to masses of people. The post-capitalist ideal he describes is not possible because human nature is inherently and instinctually to preserve life. Our own life that is. Selfishness cannot be indoctrinated out of anyone, even the altruistic preachers have to eat eventually.

[@alexisbenoit8768]

I don't understand the outrage here. I listed like 8 economists, all capitalists but one. I am clearly not promoting communism here. If you hate communists so much, you should know well your enemy, and know his arguments in order to be able to properly refute them.. And he does make a good critic of capitalism, even though he mostly criticize and does not give solutions. He is interesting because it is capitalism in reverse. For example, classical economists states when economy overheats, you have a shortage of workers, and that it brings high inflation by putting pressure on needy corporations to constantly increase the wages to have the few available workers. Karl Marx states in Capital II, that the corporations need a high unemployment in order to be able to keep paying very low wages, because the workers will be forced to accept anything to be able to work, so the corporation doesn't need to pay higher wages. Are you american? Cuba has free medecine. With all the corruption in american politics and the misery of many poor americans that are left for themselves with nothing, you should wonder if you are so much better of in America...

[@StukovM1g]

I read part of this book a couple years ago. Found it a dense read. I also found it boring as it told me exactly what i already knew. I then realised that it's because this book was the foundation of the economics i knew. Adam Smith changed the world with his works

[@chris.asi_romeo]

Great video. 👏💯 Explained well

[@arnavrastogi4165]

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

[@uttanoorsudhanva]

Good explanation. I saw until the 2nd chapter, it felt great as I said and will continue to listen to it later😊.

[@pdamanic]

This is super helpful! I have to do a project on this book for school and it was required that I read it, it didn't make sense to me but you made it simple!

[@silasember7127]

It didn't make sense to you because your intuitive understanding of the world is in opposition to it's claims. ie. this video is gaslighting you

[@maximorodriguez6849]

@@silasember7127the original book is in Old English bro. It’s not that deep

[@robimgabriel8063]

I litteraly thought of this book yesterday...

[@蒼天刹那]

最高です🔥🔥🔥

[@sabtyawiraji1985]

Good takeaways as usual, keep up the good work and provide us with another book idea to read

[@thekristenkchannel]

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

[@maeamorh.893]

The video is very helpful and easy to understand in a fun and interesting way..Thank you....

[@mthunzidhlamini8257]

Thank you very much for this

[@GanpatiRam]

Thank you brother 🤗❤👌

[@andyn2172]

Great informative video:)

[@kaykim7647]

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

[@neerajprabhu9775]

Finally! Tack!

[@arashdeepsingh7675]

I love your smartness sir.

[@TheSwedishInvestor]

Haha, I appreciate it Arashdeep Singh! Cheers man!

[@unknownchannel3141]

Excellent work

[@MoneywithPennies]

*Great video as always. interesting choice in the wealth of nations.* 😀

[@TheSwedishInvestor]

Glad you enjoyed it!

[@InternetMameluq]

6:50: ...Not to be overly technical, but actually metals are extremely perishable in terms of comparison to other materials. The only exception being the sovereign metals like gold and silver, which is why they were so valued alonside their rarity. Stones are an example of something that's unperishable. Diamonds are forever, and all that.

[@bp738]

Thank you for the video!!! I do not understand why there are Land, Labour, Entrepreneur, but why capital does not be in the price of goods?

[@dheerajparashar]

Your way of explanation is great I am subscribe your channel And I love to watch your videos

[@perdiki2073]

He's back.

[@TheSwedishInvestor]

This was a huge one! I hope that it won't have to be that long in between videos in the future!

[@perdiki2073]

@@TheSwedishInvestor Thank you for the value you provide. I don't skip the ads to support you. I have learned a lot with the books on investing from Warren Buffet and Benjamin Graham etc. Without those videos I would probably be clueless when it comes to finance. Thank you again!😄😃♥️

[@florefijamisola8188]

Thank you! 😮

[@gameoflife4051]

If only we were all out catching food instead of in the office all day!

[@Whomovedmycheese286]

Please make more videos like this. It help folks like me who dont have time to read every book

[@TheSwedishInvestor]

I will Anand Khinvasara! I'm glad you enjoy them!

[@Whomovedmycheese286]

@@TheSwedishInvestor Infact i shared this with my family and even they enjoyed and shared it. I think it is fundamentally it this is better product than an audio book because humans learn through looking at things. Try summarizing who moved my cheese? Its very useful in these Covid times. Cheers mate!

[@bobnewton1064]

@@Whomovedmycheese286 Hey can you cite where you learned that? I remember so many in school calling themselves visual learners.

[@sofyan1964]

awesome video thank you

[@TheSwedishInvestor]

Glad you enjoyed it!

[@patrickmeehan6856]

The final infographics at the end of each point remind me of placemats. Mr. Swedish Investor should get them made as placemats. I'd buy them all and learn economics and investing while eating my cereal!

[@chanson8508]

Thanks! Been on my to do list for while... still is but now I have a framework for when I do get around to reading it 🙂👍🏽

[@TheSwedishInvestor]

It is a tough one to get through, but it has tons of valuable and interesting thoughts in my opinion. Cheers!

[@Oliver-b7j]

Same here

[@FinancialWisdom]

Well done sir, another great video.👍

[@TheSwedishInvestor]

Thanks man, I appreciate it 👍

[@bellinimaia3660]

Awesome video, if it wasn’t for the final part about hedge funds...

[@TheSwedishInvestor]

Haha! In my opinion, most of the hedge fund managers really do not deserve the 2/20 fees that they charge. It is a total rip off considering how they have performed on average. I did exaggerate a bit of course.

[@Je.rone_]

I read the book it was long, certain parts were hard to get through(i.e boring) but overall it was rewarding book to read

[@TheSwedishInvestor]

Agreed. It did take some time to get through, but it also covers A LOT of topics. And it's a lesson in history too haha.

[@sztypettto]

Not to mention, books like these require rinse and repeat reading. You can't just make sense out of all that information through speed reading or flipping pages as if the book was an off the shelf novel.

[@Je.rone_]

@@sztypettto i agree 110 percent

[@MilonChalein]

I just finished reading it and I tried to understand some parts using chatgpt for an explanation where I got stuck. 😅

[@Hrishikesh_Salvekar]

Thank You Very Much!!!

[@babybluesedan1236]

I don't know if its because this video is oversimplified, but a lot of the concepts are diluted to the point that they lack the nuance that made this text so seminal. Great effort, I guess this just isn't what I was looking for!

[@catmastertrash369]

Great work on the synopsis, just finished reading this. Unpopular opinion - A man driven by self interests, writes a book in which he tells everyone that they are driven by self interests, and that the only way to succeed is for people to give in to these self interests, even when they have no interest in contributing to the empire the one man at the top is attempting to build. This may have been a swell idea back in the 1800's, but ffs we've been using the same broken model and now it has spilled into channels of societal interest that no longer support it. The book is influential among the rich like mono is among the teenagers. It's highly effective. But is it healthy?

[@hankigoe8615]

wage profit and rent makes sense, but what about the cost of materials used?

[@l.d.m.33]

3:07 "increaseing". it should be "increasing"

[@themustknowfacts510]

Hey bro could you please make a summary of "Fault Lines by Sir Raghu Ram Rajan" that was the best business book of the year. It is seriously quite informative.

[@alang.846]

7:25 what should actually say is “in weapons we trust.”

[@neelamhatkar2046]

Whoa I have his theory in my Class 11 Economics !!!

[@michayng4105]

this must be one of the most important videos on KZbin

[@Mohit_Mavani]

Nice 👍🏻

[@rockerdude83]

Thomas Sowell made a comment regarding Adam Smith being a status quo guy versus some one else being a change guy. He said something along the lines of Adam Smith must have been so unhappy with the way things were to spend 10 years writing a 900 page book. Can you offer any insight into this idea and list any specific concerns that Adam Smith had in his time that are expressed in the book?

[@cannabeast_th]

Awesome. Thx

[@Lockhart3XGenZ]

Money facilitates the exchange of the commodities we produce - Swedish Investor

[@Qwuiet]

The profit margin on restaurants seems off... restaurants are some of the most competitive businesses with the slimiest margins

[@capitalist_jesus]

It probably included bars in that number. Which would of skewed the result. However it is not uncommon for restaurants to sit on a 30% margin is managed well.

[@Dfm_Sushil]

244 years ago...👍

[@rickyliejaya6331]

what software that you use to make this video ?

[@NaireMindset]

Could you do a summary on Eric Olin Wright?

[@Eric-ye5yz]

Life is much more complicated and those explanations don't work any more. Example I create a machine that does the work of thousands and what happens to those thousands now out of work. For them to return to the workforce (when an opportunity presents itself) they MUST have a house, phone transport, power, a computer and some money behind them. Otherwise they continue to go backwards where recovery is not possible.

[@loganmedia1142]

This is why a basic income grant actually is a good thing.

[@muhammadmalami7775]

Pls explain in great details on how you summarize a book the step-by-step process?

[@rezaabdollahi9605]

In the 3 component of price part: II, where is the third component other than ‘real price’ & ‘nominal price’ ???

[@thefinancetrigger6013]

Interesting book, thanks for sharing!

[@ancala4140]

dank you got my ear there.

[@TopVillain]

There are a ton of jobs in today’s society that don’t produce anything tangible. Most office jobs. They are completely useless. If they don’t exist anymore it would not ultimately hurt society. They are convenience jobs.

[@jansivalmiki9456]

Hi which apps are used in making this KZbin video pls

[@projectbuhi9547]

awesome!

[@niharika761]

We want summary of Run your own corporation by Robert kiosaki

[@achillegabrielbikoe2051]

Hi, can somebody have the pdf file of this book?

[@victor.benedito]

The shirt price were too high those days, that's why nobody wore clothes

[@Spider-Too-Too]

That’s why ppl only wear bikini ahahah

[@Sp1n1985]

@@Spider-Too-Too is that a French joke?

[@ytr1um]

3:09 *Increasing

[@landi2244]

Love the video. You misspelled increasing though. Fyi.

[@brittney5771]

Do you have an email address where I can ask questions about Adam Smith? Please help. Why have some argued that Adam Smith's theory of distribution as developed in the Wealth of Nations is incomplete, whilst others claim inconsistency?

[@darthutah6649]

13:44 was anyone else startled?

[@Srindal4657]

how does mechanisation and robotics take the wealth of nations into account? if people aren't working in jobs that produce goods or even services, can a nation be wealthy regardless of them? and if the entire nation is automated, whats the point in civilisation if there is no one to enjoy the work done?

[@TheSwedishInvestor]

Hey Srindal4657! The higher the productivity of a country, the richer it gets, typically. If lots of the basic stuff is automated, humanity will move on to "higher level" stuff. That could be evolving from doing farmwork by hand to having machines do that for us, so that no humans are needed any longer to feed ourselves. Historically we spent maybe 50% of our waking time feeding ourselves, so that would be a huge upgrade, efficiency wise. If it makes us happier or not, that's another question though, totally agree with that.

[@lancewalker6067]

True money is portable, durable, divisible and fungible. Currency is not. It is fiat. Mike Maloney covers this in-depth in his series “Hidden Secrets of Money” here kzbin.info/www/bejne/eqq5YYKciphgfLc

[@DrBoofenstein]

Great video very good explanations, but I don’t think a McDonald cashier is makin 30k maybe like 15k

[@reeve1able]

Just had a photo with his statue in Edinburgh 👍👍

[@Talkinglife]

Nice

[@cibko]

13:45 that was a bit too loud :) otherwise great video, thanks for breaking it up into 2 parts to not miss important ideas

[@TheSwedishInvestor]

Cheers Ilya Cibko, I appreciate the feedback too!

[@Rixoonify]

could someone tell me if Adam Smith talks anything on environment and environmental issues caused by modern development...

[@ChristianHammerNielsen]

At the time he wrote the book, America had just been discovered (a couple of hundred years earlier) and was in the early stages of accelerated development. The world had effectively doubled in size and everything was up for grabs. “Early bird gets the worm” so no time to consider environmental impact - even for a part time philosopher.

[@loganmedia1142]

The book is something like 250 years old. Those aren't things that would have been a consideration then. He did write a whole book on morality though. Based on what he wrote in his two books, along with letters, he would probably be firmly in the protecting the environment and dealing with climate change camp.

[@markstephens7410]

Q: Are anti-trust laws a form of laissez-faire economics?

[@vignesh.n7744]

Yes. Big monopolies regulate markets. So yeah

[@soyelahmed677]

Sir make summary of common sense investing by John bogle

[@TheSwedishInvestor]

I think it is on my list! Thank you for your suggestion Soyel Ahmed!

[@BaldAndCurious]

So, how does Labor, Land and Capital figure into the price of 1 DOGE coin?

[@denniskin4011]

How do you read all these books bro?

[@randombanana640]

i don't quite understand the analogy of the shovel and spoon situation :(

[@randombanana640]

ok nvm i understand it now

[@Akerfeldt77]

Mayo store: exists Me: Take me there, immediate.

[@exampractice_7711]

did Adam Smith ever use the word "Economics" in his book * wealth of nations* ?

[@historynut3460]

Not from what I remember though I’m still reading it. Half way done

[@exampractice_7711]

@@historynut3460 because here in my country the teachers vehemently claim that he defined" Economics is the science to gain wealth"....as if he said it between inverted commas"

[@historynut3460]

@@exampractice_7711 I don't know if he even used the word science, but economics is the art of satisfying infinite demand with finite resources. That's the best definition I've ever found.

[@nosemeolvidaraestacuenta7184]

He use the term political economy and also refers the french physiocrats as economists, at least in the spanish edition that was how i read it

[@exampractice_7711]

@@nosemeolvidaraestacuenta7184 actually in our nation the books contain a definition of Adam Smith and it is written in inverted commas that he defined ekonomiks by his word but the truth is when the wealth of nations came there was no such words as economics in circulation

[@businesslp3027]

Why don’t people just trade? Why do you need something of equal value for something ??

[@بيانالفارسية]

No one wants to waste their time/effort/resources on something that costs much less than what your gonna give I guess.

[@heritageresearchcenter8970]

Remember the multilevel monopoloy- taxation at every level. Worst kind of THEFT.

[@nikunjmundhra8650]

Land in the 18th century is equivalent to digital space (websites, servers, etc) in today's times.