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The Answer Is Transaction Costs « »
Adam Smith's Wealth of Nations: Introduction and Book I

11d ago 1:21:33

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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 productivity through specialization, increased dexterity, and tool development
• Smith's famous pin factory example shows how 18 specialized workers produce thousands of times more than individuals working separately
• The extent of the market limits division of labor—larger markets allow greater specialization
• Smith argues that differences between philosophers and street porters arise from "habit, custom, and education" not innate capacity
• While profit is legitimate, Smith criticizes how powerful interests manipulate government to restrict competition
• Justice (respecting person, property, and promises) forms the essential foundation for any functioning commercial society
• Smith's work intended as a handbook for lawmakers, not ideological advocacy
• The Wealth of Nations represents applied moral philosophy addressing how societies become prosperous
Join us next time when we'll examine Book Two of Smith's masterpiece.

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 Wealth of Nations (00:00:00)

2. Smith's Foundation: Exchange and Human Nature (00:15:04)

3. The Division of Labor and Pin Factory (00:32:23)

4. The Role of Markets and Money (00:45:52)

5. Labor, Capital, and Profit (01:01:37)

6. Smith's Critique of Market Restrictions (01:14:22)

61 episodes

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

Adam Smith's Wealth of Nations: Introduction and Book I

The Answer Is Transaction Costs

27 subscribers

published 11d ago

MP3•Episode home

Send us a text

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 Wealth of Nations (00:00:00)

2. Smith's Foundation: Exchange and Human Nature (00:15:04)

3. The Division of Labor and Pin Factory (00:32:23)

4. The Role of Markets and Money (00:45:52)

5. Labor, Capital, and Profit (01:01:37)

6. Smith's Critique of Market Restrictions (01:14:22)

61 episodes

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

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The Answer Is Transaction Costs « » Adam Smith's Wealth of Nations: Introduction and Book I

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

Chapters

1. Introduction to Wealth of Nations (00:00:00)

2. Smith's Foundation: Exchange and Human Nature (00:15:04)

3. The Division of Labor and Pin Factory (00:32:23)

4. The Role of Markets and Money (00:45:52)

5. Labor, Capital, and Profit (01:01:37)

6. Smith's Critique of Market Restrictions (01:14:22)

Adam Smith's Wealth of Nations: Introduction and Book I

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

Chapters

1. Introduction to Wealth of Nations (00:00:00)

2. Smith's Foundation: Exchange and Human Nature (00:15:04)

3. The Division of Labor and Pin Factory (00:32:23)

4. The Role of Markets and Money (00:45:52)

5. Labor, Capital, and Profit (01:01:37)

6. Smith's Critique of Market Restrictions (01:14:22)

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Welcome to Player FM!

Similar to The Answer Is Transaction Costs

The Answer Is Transaction Costs « »
Adam Smith's Wealth of Nations: Introduction and Book I