Author Archives: F. E. Guerra-Pujol

Why are some nations stagnant and poor, while others are vibrant and prosperous? We now turn to Book III of Adam Smith’s Wealth of Nations. As it happens, Book III, the third of five “books” or thematic sections in all, … Continue reading →

Adam Smith concludes Book II of his magnum opus with a bang. First off, he recaps his epic survey of capitalism by describing the main ways in which capital assets can be put to productive use — agriculture, manufacturing, and … Continue reading →

Happy Groundhog Day! Now, let’s pick up where we left off, with Chapter 4 of Book II of The Wealth of Nations (available here). More specifically, should lenders be allowed to charge high interest rates? Or should the government impose … Continue reading →

Yo, why not kick off Black History Month with my all-time favorite protest ballad from the musical legend himself, Bob Marley?

I concluded my previous post on Chapter 3, Book II of The Wealth of Nations by asking, Does Adam Smith’s distinction between so-called productive and unproductive labour — i.e. between the production of goods and the provision of services — … Continue reading →

After introducing Adam Smith’s distinction between so-called “productive” and “unproductive” labour from Chapter 3 of Book II of The Wealth of Nations (available here), I concluded my previous post by asking why this distinction is so crucial for Smith. Why … Continue reading →

In Chapter 3 of Book II of The Wealth of Nations (available here), Adam Smith draws yet another fundamental distinction, [1] this one between so-called “productive” and “unproductive” professions or pursuits. Smith does not use these terms in a judgmental … Continue reading →

In my previous post, we saw the pivotal role that banks play in promoting economic growth and development. By issuing bank notes (paper money), discounting bills of exchange (check cashing), and providing cash accounts (lines of credit), banks facilitate trade … Continue reading →

Picking up where we last left off, Adam Smith surveys three important substitutes for money and metal currencies in the next part of Chapter 2 of Book II of The Wealth of Nations (specifically, Paras. 26-47): (a) bank notes, (b) … Continue reading →

To my friends “down under”, 🇦🇺 Happy Australia Day 🇦🇺! And to my friends in the twin cities of Minneapolis and Saint Paul, keep resisting and keep on fighting for our freedoms! The heavy-handed and lawless Gestapo tactics by masked … Continue reading →