An Animal That Trades

The invisible hand is one of Smith's most well-known turns of phrase, yet he uses it but once in each book. So what does it mean, and why does this concept remain important today?

"Man is an animal that bargains," said Smith. Our commercial interactions help us further our individual interests and civilize us at the same time. How is the free market necessary for Smith's "system of natural liberty?"

Smith's discussions of the division of labor, while they might seem like common sense today, were radical in his time. Find out more, and consider its enduring relevance today.

From The Theory of Moral Sentiments to modern neuroscience and experimental economics, explore how our sociality makes us naturally inclined to be concerned for the well-being of others.

Peace, easy taxes, and a tolerable administration of justice... These are the aims of Smith's ideal government. Our society needs a state, and Smith offers meaningful guidance on how to evaluate its role.