THE WEALTH OF NATIONS SUMMARY (BY ADAM SMITH)

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This is false from the very beginning. People always lived in social groups which divided the labor of hunting, fishing, gathering, clothing and shelter among the group ranging from an extended family to as many as one hundred people until agriculture began about 12.000 years ago the number of hunter gatherers has dramatically declined. Second if they are using digging machines in a poor nation its not because Communist don't understand productivity. The first machines to harvest sugarcane were built in revolutionary Cuba. Since about 1973 gains in productivity have stopped going to the goods producing workers and instead are now going to the bosses which is why they love increases in productivity. It's done by inflating the currency with central bank generated inflation.

Love the video. You misspelled increasing though. Fyi.

Thank you! 😮

So basically the gold and silver people cult are wrong

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

Paper is not money. The word GOD refers to a private owned offshore corporation with that title in the island of Guam.

Socialism is good only if you have strong & honest dictator who will distribute the profit earned by state to its people otherwise, capitalism is much better in democracies

Adam Smith forgot cryptocurrencies

Have you done this same kind of video for the communist manifesto ?

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

Central banks have run things for hundreds of years. Welcome to debt slavery

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

I didn't realize "increaseing" was spelled this way...European spelling?

Anders Chydenius was eleven years before Adam Smith.

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.

The depreciation of durable consumer goods does not exist in post-1900 economic theory. Of course Adam Smith never owned an automobile since he died in 1790. Educated people in the 21st century are not supposed to know how to apply algebra to economics.

the federal reserve is new as of the 1900s

sanga sanga kwento diko ma intindihan

This was just more terrible pro-slavery propaganda, and not really what Smith meant. UBI also won't make people lazy, it just might make them want to do something else other than make food for boomers

Before the video started, the ad is for a conservative running against the “radical left”. Kevin somebody. Interesting.

Adam Smith's Wealth of Nations is in the public domain and can be downloaded from Project Gutenberg and searched. The printed book can cost you $15.

Smith used the word 'invisible' six times but only once as "invisible hand". It is really curious that we hear about the 'invisible hand' so much.

Smith used the word 'education' EIGHTY TIMES. We are not told about that. Search for "and account" and you will find multiple instances of "read, write, and account", not "read, write and arithmetic". Double entry accounting was more than 300 years old when Smith wrote Wealth of Nations, but 50% of Brits were illiterate and public schools did not exist in 1776.

The United States could have made accounting/finance mandatory in the schools since Sputnik. Wouldn't that have helped everyone best serve their own self interest? But we do not hear the people propagandizing us about the "invisible hand" advocating mandatory accounting because that would make their invisible rip-offs more difficult.

Adam Smith never used the word 'depreciation'. He mentioned paper money being depreciated one time.

Marx wrote about 'depreciation' a number of times in Das Kapital, sometimes regarding the depreciation of machines.

Consumers did not buy automobiles and air conditioners and televisions before 1885.
Marx died in 1883.
But it is OK! Our brilliant economists do not talk about the depreciation of under engineered consumer trash today either. Every time you buy a replacement the purchase is added to GDP. What about NDP? Oh sorry, you never heard an economist explain NDP. It's OK, they only depreciate the Capital Goods and ignore the consumer junk anyway.

DWEM. Good. Red Pill. Matrix Crew

Wtf , i am watching this after reading the wealth of nations.

Still In God We Trust.

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?

Could you do a summary on Eric Olin Wright?

"In the Federal Reserve We Trust" is probably the scariest thing I have heard in a while.

Thank you brother 🤗❤👌

It's been like 200 years when does the shit start working for the workers and not the owners of capital? Also you're trying to tell me that homeless people are living better than kings of the middle ages what the fuck how am I supposed to fall for that shit? What if I don't live by a river I might just gonna be some surf for someone who does live by a river. And what's the deal with New York is so expensive and you have some of the poorest people in the world living there amongst some of the wealthiest people in the world this stuff just doesn't make sense I don't get it please help.

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!

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

Did he sell more than J.k Rowling?

It is the copy of chanakya economic book

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.

Why the worker in a short little big nose character but the businessman is a normal dude in a suit?

Thanks🤍

So much for restaurants now 😂

I’m which supply and demand labor category can we place politicians? 🤣🤣😂😂

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

Hilarious - use a spoon! See - Japan is the most roboticised country and concurrently has the highest employment rate.

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?

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