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The Answer Is Transaction Costs « »
Adam Smith's Wealth of Nations: Episode #2--The "Model"

12d ago 57:13

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Transaction costs provide the key to understanding Adam Smith's complete philosophical system and how his two great works form an integrated whole.
• Smith's two essential claims: humans desire to learn proper behavior and have an innate propensity to truck, barter, and exchange
• Sympathy in Smith's view means synchronizing feelings with others—not perfect emotional matching but sufficient "concords" for social harmony
• Three core principles guide proper behavior: justice (respecting others' person, property, and promises), beneficence (proper use of what's ours), and prudence (sacrificing present comfort for future well-being)
• Self-command turns virtuous intentions into actual proper behavior
• Four sources of moral judgment: motive, reaction, convention, and consequence
• As societies scale up, we move from moral community (acting from love) to moral order (following rules from their utility)
• Smith's "Chinese earthquake" example anticipates the modern trolley problem by revealing how moral agency affects our decisions
• The "man of system" tries to impose ideal plans without regard for human nature or gradual change
• Smith's egalitarian views positioned economics against slavery and hierarchical social structures

Also posted, with resources for teaching and learning, at Adam Smith Works, thanks to Amy Willis.

If you have questions or comments, or want to suggest a future topic, email the show at [email protected] !

You can follow Mike Munger on Twitter at @mungowitz

Chapters

1. Introduction to Smith's Integrated System (00:00:00)

2. Smith's Two Essential Claims About Human Nature (00:04:44)

3. The Moral Mirror: How We Judge Ourselves (00:08:30)

4. Propriety: Justice, Beneficence, and Prudence (00:16:15)

5. The Four Sources of Moral Sentiments (00:30:50)

6. Moral Community vs. Moral Order (00:38:25)

7. The Chinese Earthquake and Moral Agency (00:46:00)

8. The Man of System and Gradual Reform (00:51:10)

58 episodes

#Science #Social Sciences #Michael Munger #Politics #News #Comedy

Adam Smith's Wealth of Nations: Episode #2--The "Model"

The Answer Is Transaction Costs

27 subscribers

published 12d ago

MP3•Episode home

Send us a text

Also posted, with resources for teaching and learning, at Adam Smith Works, thanks to Amy Willis.

If you have questions or comments, or want to suggest a future topic, email the show at [email protected] !

You can follow Mike Munger on Twitter at @mungowitz

Chapters

1. Introduction to Smith's Integrated System (00:00:00)

2. Smith's Two Essential Claims About Human Nature (00:04:44)

3. The Moral Mirror: How We Judge Ourselves (00:08:30)

4. Propriety: Justice, Beneficence, and Prudence (00:16:15)

5. The Four Sources of Moral Sentiments (00:30:50)

6. Moral Community vs. Moral Order (00:38:25)

7. The Chinese Earthquake and Moral Agency (00:46:00)

8. The Man of System and Gradual Reform (00:51:10)

58 episodes

#Science #Social Sciences #Michael Munger #Politics #News #Comedy

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The Answer Is Transaction Costs « » Adam Smith's Wealth of Nations: Episode #2--The "Model"

If you have questions or comments, or want to suggest a future topic, email the show at [email protected] !

Chapters

1. Introduction to Smith's Integrated System (00:00:00)

2. Smith's Two Essential Claims About Human Nature (00:04:44)

3. The Moral Mirror: How We Judge Ourselves (00:08:30)

4. Propriety: Justice, Beneficence, and Prudence (00:16:15)

5. The Four Sources of Moral Sentiments (00:30:50)

6. Moral Community vs. Moral Order (00:38:25)

7. The Chinese Earthquake and Moral Agency (00:46:00)

8. The Man of System and Gradual Reform (00:51:10)

Adam Smith's Wealth of Nations: Episode #2--The "Model"

If you have questions or comments, or want to suggest a future topic, email the show at [email protected] !

Chapters

1. Introduction to Smith's Integrated System (00:00:00)

2. Smith's Two Essential Claims About Human Nature (00:04:44)

3. The Moral Mirror: How We Judge Ourselves (00:08:30)

4. Propriety: Justice, Beneficence, and Prudence (00:16:15)

5. The Four Sources of Moral Sentiments (00:30:50)

6. Moral Community vs. Moral Order (00:38:25)

7. The Chinese Earthquake and Moral Agency (00:46:00)

8. The Man of System and Gradual Reform (00:51:10)

Podcasts Worth a Listen

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The Answer Is Transaction Costs « »
Adam Smith's Wealth of Nations: Episode #2--The "Model"