Speaking of Smith Archives

How to Make Everything Harder? Ignore the Benefits of Division of Labor

December 7, 2021

George explores the development process for a variety of products, and highlights just how challenging (or impossible!) it is for one person to make the things they want or need on their own.

Tenniel and Smith know the Mad Hatter's topper is more than a silly silk hat.

December 2, 2021

So impoverished might he be that he could not afford to forgo the small profit that he could make by using his hat to contribute in some way to his business. Hence, the price-tag prominently displayed in the Hatter’s hat.

Reading the Wealth of Nations: MORE Book 4

November 28, 2021

[Smith] points out that free men have an incentive to devise better ways of doing their work, while a slave has much less incentive. In fact, Smith goes so far as to say that a slave who proposed a labour-saving device would be whipped for laziness!

Dear Adam Smith: New Kid on the Block

November 22, 2021

Can Adam Smith help a new kid fit in?

Reading the Wealth of Nations: Book 4

November 15, 2021

Smith calls this book “Of Systems of Political Economy,” while our discussion leader described this book as “the argument”. It is here that Smith’s attack on the mercantilist system is most apparent.

Three Cheers for Adam Smith's Cities

November 10, 2021

If we look carefully, we see that Smith praises both town and country living for promoting “independency.” He says that it arose much earlier for those in the city; but, it’s also one of the main attractions of country life. But where does he think we enjoy more or better freedom?

Reading the Wealth of Nations: Book 3

November 8, 2021

Near the outset of Book Three he refers to the natural progression of societal development as farming, followed by manufacturing, and finally by foreign trade. Yet in the very next paragraph he says that this order has been inverted in nearly every nation!

Dear Adam Smith: You're So Vain

November 3, 2021

Can Mr Smith resolve a bet between brothers on who's more vain?

Reading the Wealth of Nations: Book 2

November 1, 2021

Smith uses the phrase “productive labour” in our readings for this week. But what does he mean by it? In a modern context, most people think of productive labour as something that produces, well... value. He refers to lawyers, physicians, and even men of letters (like Adam Smith himself) as unproductive.

What's Spooky About Smith?

October 28, 2021

While Adam Smith may not have celebrated Halloween the way we do today, there's still plenty of spooky to be found in Smith!

A Return to Friends: The 2021 International Adam Smith Society Conference

October 26, 2021

The conference proved to be a friendly exchange of ideas of which, one would suspect, Smith would have been proud. Indeed, the papers presented covered the breadth of Smith scholarship, just as the presenters covered the geographical breath of the members of the society.

Reading the Wealth of Nations: Book I

October 25, 2021

None of us can know what Smith would have thought of UBI, government regulations, or trade with China, but it sure is fun to speculate.