Chapter 3 of The Wealth of Nations (available here) is a veritable microcosm of Adam Smith’s genius, the recurring reason why his great work is still worth reading today, 250 years later. Here, Smith not only introduces one of his most original and important insights — the division of labor is limited by the extent of the market — the Scottish philosopher also combines his extensive historical erudition with his eloquent literary voice to illustrate the inner logic of this universal economic theorem with a wide variety of real-world examples from numerous times and places: the Highlands of Scotland (WN, I.iii.2), the coast of the Mediterranean sea (I.iii.5), Upper and Lower Egypt and the Nile (I.iii.6), Bengal and the eastern provinces of China (I.iii.7), as well as inland Africa and ancient Scythia (I.iii.8).

Nota bene: We are only three chapters into Smith’s magnum opus, but before proceeding any further, a rhetorical question is now in order: has anyone in the Western canon, with the possible exception of Aristotle, ever even come close to matching either the breadth or depth of Adam Smith’s pen or the continued relevance of his ideas? I will resume my Adam Smith series and turn to chapter 4 of The Wealth of Nations in the next day or two.