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If you are interested in understanding Nietzsche's ontological explications of will to power and eternal return this is the best book available in English.
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Reading it a second time with a more open mind, I found it to be enlightening, though still immensely difficult. The translation is not bad, as everyone seems to have trouble with Heidegger as they do with Hegel. Heidegger's ideas on death and the angst man has when facing death are integral to my own work, and the entirety of Being and Time should be read by anyone thinking of delving into post-modern philosophy and existentialism.
An earlier reviewer suggested to read this without Sartre: I completely disagree. Heidegger and Sartre should be read together, as they have so much to share with one another that to ignore one is to miss the point of the 20th century movements in thought. They are, together, the two heavy-hitters of the 20th century, though thinkers like Camus and Merleau-Ponty may make a claim for space there as well.
Being and Time is Heidegger's magnum opus, and should be read with an open mind and a notebook to keep track of all the ideas.
Rather than add my own semi-detailed interpretation of this work and its historical importance to this list [which would just further frustrate others, I am sure], I would just like to recommend to anyone approaching this book for the first time that they keep in mind the central inquiry that Heidegger is engaging in: the meaning of Being... and, as he explicitly states, this book is a preparation for further exploration, and not to be read as a completed "system" in itself. While the influence of Kierkegaard is obvious, relating this work to Dostoevsky (as another reviewer has) I think misses the point entirely. For all of the talk of "authenticity" and the "psychologizing" of this work that later commentators have engaged in, Heidegger is intersted in re-grounding all philosophical inquiry... not in explicating some mere existential-humanistic outlook. Whether he suceeds or not is, to say the least, debatable.
I would also recommend giving a _very_ close and thorough reading to his essay "What is Metaphysics" before approaching _Being and Time_.
A final note on this translation-- I had already wrestled with the previous translation from beginning to end before purchasing this one. This translation was more than worth the price of purchasing the book again. Stambaugh's translation is simply masterful.
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All my words are only ancillary to Heidegger's prose in the second essay, and his words are often quoted but their source (this little book) is seldom mentioned. He writes, "[ontotheology] is the right name for the god of philosophy. Man can neither pray nor sacrifice to this god. Before the causa sui, man can neither fall to his knees in awe nor can he play music and dance before this god. The god-less thinking which must abandon the god of philosophy, gad as casua sui, is thus perhaps closer to the divine God" (p. 72). Heidegger's essay is an attempt not so much to overcome the ontotheological problem, as to name it and allow it to become a subject of thinking. It is essential reading for an understanding of the later Heidegger.
In terms of the book, it is all one could want. Nicely bound (I'm not sure why Amazon doens't have a photo of it), it is small and the text is readable. Perhaps the best bonus of the book is that it is bilingual; the English translations come first, and then the German follows at the end. If nothing else, it is an opportunity for English-only readers of Heidegger to see his German text and appreciate the difficulty of adequately translating his philosophy. This Stambaugh has done almost as well as her new definitive translation of Sein und Zeit, and as far as I can see this is the only useful translation of these two essays. Heideggerians cannot be forgiven for not reading this small book, which is huge on ideas, and Stambaugh has provided the perfect venue for Heidegger's intricate and passionate thought. There is no index, which might cost it a star, but the excellent introduction makes up for it, and besides, the essays are only 20-30 pages each. An index is hardly needed. Just read the text.