Launch of book about the "father" of modern economics, Adam Smith

Cover of the book "300-year anniversary of Adam Smith (1723-2023) - The founder of prosperous economics ". (Photo: LINH BAO)

On December 16, 2023, in Ho Chi Minh City, a number of intellectuals held a conference on Adam Smith with the theme "Celebrating 300 years of Adam Smith: Timeless thoughts of the father of economics".

The number of delegates participating in the two days reached a surprising number: 200 delegates attended directly at Van Lang University, and about 400 attended online. That shows the great interest of the community in the topic of Adam Smith.

"The 300-year Proceedings of Adam Smith (1723-2023) - The Founder of Prosperous Economics" is the result of more than 2 years of hard work by the team that made the book from the achievements of the conference at the end of 2023. And now Vietnam has a book about Adam Smith, despite inevitable shortcomings, that will satisfy, entertain, and inspire readers.

His ideas are presented here, in relation to the world economy, and especially as a frame of reference to look at Vietnam. Adam Smith is the light of enlightenment, without the dryness of reason, but full of the warmth of humanity, which he devoted to humanity.

The work collects articles by domestic and foreign experts, from many fields: economics, culture, language, politics, public policy... The book is edited by Tran Quoc Hung, Tran Van Tho, Nguyen Xuan Xanh, with the collaboration of Nguyen Chi Hieu, Nguyen Minh Tho. In addition, there is the participation of authors Tran Le Anh, Nguyen Tu Anh, Le Van Cuong, Huynh The Du, Vu Minh Khuong, Edmund Malesky, Emily Hamblin...

The book is divided into four main parts: Part 1 - Adam Smith: Man and Thought; Part 2 - Adam Smith and the World; Part 3 - Adam Smith seen from Vietnam; Part 4 - Conference commemorating the 300th anniversary of Adam Smith.

In the appendix, the authors have translated two of his most important works - The Wealth of Nations (1776) and The Theory of Moral Sentiments (1759).

In the proceedings, some of Adam Smith's core concepts are thoroughly analyzed, such as division of labor, specialization, the invisible hand, egoism/narcissism, or the corruption of moral sentiments.

"300 Years of Adam Smith (1723-2023) - The Founder of Prosperity Economics" is a work on economics worth reading.

Accordingly, the division of labor and production specialization not only help the economy develop, but personal selfishness in labor has invisibly led to social stratification and clear class stratification.

However, Adam Smith recognized these factors and analyzed them with a calm, objective, non-judgmental attitude to see that personal motivation has urged people to rise up in work, achieve prosperity (and vice versa - fall behind and become poor) and this is a fundamental, legitimate need of humans, not of any other species.

He also deeply dissected the concept of the invisible hand - the factor that helps the division of labor to circulate and self-regulate in social models, which helps a society become prosperous or backward.

He also emphasized that division of labor and specialization have become the driving force for increasing productivity and creating prosperity for society, while the invisible hand helps regulate the market reasonably and turns the self-interest of producers or service providers into public welfare.

In the book, Dr. Huynh The Du, Harvard University, researcher and lecturer in economics and public policy, also has an article mentioning the "invisible hand" and innovation in Vietnam.

The article analyzes the role of the "invisible hand" in the period of planned economy and innovation in Vietnam. "The invisible hand", according to Adam Smith, is each individual pursuing his own interests in competitive conditions to create optimal resource allocation results for society.

During the planned economy period, although not recognized, the market mechanism has made social resources more efficiently allocated. Since the renovation (1986) until now, the "invisible hand" has been promoted and created positive results.

Through the book, we see that Smith was not simply an economic theorist, but also a philosopher with a deep concern for human nature and social dynamics with a vision that was centuries ahead of his time, when the views he mentioned were still received, debated, and applied in management and economic policy planning today.

With multi-dimensional, objective, and thorough perspectives, the book "300-year Anniversary of Adam Smith (1723-2023) - The founder of prosperous economics" promises to be a work on economics worth reading. The diversity of perspectives as well as the depth of the authors' research fields promise to bring readers a multi-dimensional, comprehensive picture of Adam Smith's life, thoughts, and far-reaching influences.

LINH BAO

Source: https://nhandan.vn/ra-mat-cuon-sach-ve-cha-de-cua-kinh-te-hoc-hien-dai-adam-smith-post909488.html