Category Archives: Uncategorized

Translation: The Adam Smith Colonial Problem (I respectfully beg the indulgence of my loyal readers for the Germanic title of this particular blog post. It is an intentional reference to the original so-called “Das Adam Smith Problem” — if you … Continue reading →

DaDaDa! DaDaDa! This is Smith Center! Part 3 of Chapter 7 of Book IV of The Wealth of Nations — available here; scroll down to “Part Third” — is yet another must-read, for the great Adam Smith concludes his chapter … Continue reading →

“Folly and injustice seem to have been the principles which presided over and directed the first project of establishing those colonies; the folly of hunting after gold and silver mines, and the injustice of coveting the possession of a country … Continue reading →

“In consequence of the representations of Columbus, the council of Castile determined to take possession of countries of which the inhabitants were plainly incapable of defending themselves. The pious purpose of converting them to Christianity sanctified the injustice of the … Continue reading →

Adam Smith concludes his chapter on bilateral trade treaties — Chapter 6 of Book IV of The Wealth of Nations — with a detour on the practice of “seigniorage”. In summary, seignorage refers to the portion of metal retained by … Continue reading →

N.B.: To commemorate the 250th anniversary of the publication of The Wealth of Nations (9 March 1776), I will be posting my chapter-by-chapter reflections on Adam Smith’s timeless magnum opus on my blog. What’s better: bilateral or multilateral trade agreements? … Continue reading →

I will resume my grand series on The Wealth of Nations in my next post; in the meantime, shout out to my daughter Adys Ann for introducing me the music of Laufey!

“The laws concerning corn may everywhere be compared to the laws concerning religion. The people feel themselves so much interested in what relates either of their subsistence in this life, or to their happiness in a life to come, that … Continue reading →

[Alternative title: “The Dearth of Nations: How Government Subsidies Make Us Poorer”] Adam Smith takes dead aim at yet another mercantilist policy in Chapter 5 of Book IV of The Wealth of Nations, a foolish and futile scheme that continues … Continue reading →

“The revenue of excise would in this case, indeed, suffer a little, and that of the customs a good deal more; but the natural balance of industry, the natural division and distribution of labour, which is always more or less … Continue reading →