Send us a text Tracing out Adam Smith’s Book IV, chapters 1–6, to show how mercantilism mistakes money for wealth, how protection creates monopolies at home, and why free exchange raises real prosperity. Smith defends two narrow exceptions—defense and tax parity—while rejecting bounties and politicized treaties that entangle trade with war. • mercantile vs physiocratic systems and their influence • wealth as goods and industry, not specie • balance of trade as a “pestilent error” • make-or-b...
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Send us a text Tracing out Adam Smith’s Book IV, chapters 1–6, to show how mercantilism mistakes money for wealth, how protection creates monopolies at home, and why free exchange raises real prosperity. Smith defends two narrow exceptions—defense and tax parity—while rejecting bounties and politicized treaties that entangle trade with war. • mercantile vs physiocratic systems and their influence • wealth as goods and industry, not specie • balance of trade as a “pestilent error” • make-or-b...
Adam Smith's Wealth of Nations: Episode 4--Capital and Book II: Introduction
The Answer Is Transaction Costs
54 minutes
2 months ago
Adam Smith's Wealth of Nations: Episode 4--Capital and Book II: Introduction
Send us a text Book Two of Adam Smith's "The Wealth of Nations" provides the conceptual foundation for understanding how commercial society sustains growth through capital accumulation and the employment of stock. Smith challenges common misconceptions about wealth creation and offers profound insights on the role of capital in economic development. • Capital is not capitalism – Smith wrote before "capitalism" was invented, using the term "stock" to describe accumulated resources • Division ...
The Answer Is Transaction Costs
Send us a text Tracing out Adam Smith’s Book IV, chapters 1–6, to show how mercantilism mistakes money for wealth, how protection creates monopolies at home, and why free exchange raises real prosperity. Smith defends two narrow exceptions—defense and tax parity—while rejecting bounties and politicized treaties that entangle trade with war. • mercantile vs physiocratic systems and their influence • wealth as goods and industry, not specie • balance of trade as a “pestilent error” • make-or-b...
