Send us a text Adam Smith's "The Wealth of Nations" developed from decades of lectures on jurisprudence, examining how market exchange creates prosperity through division of labor and specialized skills. • Two core observations drive Smith's thinking: humans seek approval from others and have a propensity to "truck, barter and exchange" • Exchange is Smith's key concept—not just for goods but for ideas, sentiments and social coordination • Division of labor dramatically increases productivit...
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Send us a text Adam Smith's "The Wealth of Nations" developed from decades of lectures on jurisprudence, examining how market exchange creates prosperity through division of labor and specialized skills. • Two core observations drive Smith's thinking: humans seek approval from others and have a propensity to "truck, barter and exchange" • Exchange is Smith's key concept—not just for goods but for ideas, sentiments and social coordination • Division of labor dramatically increases productivit...
Adam Smith's Wealth of Nations: Episode 1 (Background)
The Answer Is Transaction Costs
57 minutes
1 month ago
Adam Smith's Wealth of Nations: Episode 1 (Background)
Send us a text (N.B.: This episode is cross-posted at our partner site, Adam Smith Works. There are lots of resources and background material there, if you want to delve deeper) The Scottish Enlightenment emerged as a remarkable intellectual movement that shaped modern economics, philosophy, and social science, with Adam Smith at its center developing a dual theory of human nature through his two masterworks. • Scottish Presbyterian education fostered literacy and critical inquiry desp...
The Answer Is Transaction Costs
Send us a text Adam Smith's "The Wealth of Nations" developed from decades of lectures on jurisprudence, examining how market exchange creates prosperity through division of labor and specialized skills. • Two core observations drive Smith's thinking: humans seek approval from others and have a propensity to "truck, barter and exchange" • Exchange is Smith's key concept—not just for goods but for ideas, sentiments and social coordination • Division of labor dramatically increases productivit...
