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Adam Smith is often referred to as “the father of economics.” Although my colleague and friend (and co-author) Salim Rashid has questioned whether Smith is deserving of this title, [1] one thing I can say for certain is this: Smith … Continue reading →

After his lengthy digression on the value of silver, Adam Smith concludes Book I of The Wealth of Nations with an important and original observation about the three major classes or “orders of people” in any economic system — i.e. … Continue reading →

Adam Smith concludes Book I of The Wealth of Nations with a lengthy detour titled “Digression concerning the Variations in the Value of Silver during the Course of the Four last Centuries.” (WN, I.xi.e-p) Although it is tempting to just … Continue reading →

What is the relationship between rent, profit, and wages — the ostensible subject of the second half of Book 1 of The Wealth of Nations — or between rents and prices more generally? Adam Smith grapples with these difficult theoretical … Continue reading →

I will resume my series on The Wealth of Nations in my next post; in the meantime; check out this homage to another great economist: Thomas Sowell.

In Part 2 of Chapter 10 of Book I of The Wealth of Nations (I.x.c; available here), Adam Smith identifies three types of “absurd” laws and regulations — absurd because they restrict our natural liberty and distort markets: Laws and … Continue reading →

Chapter 10 of The Wealth of Nations is the second-longest chapter in Book 1 of Smith’s magnum opus: it consists of two parts, contains 115 paragraphs (52 paragraphs in part one, followed by another 63 paragraphs in part two), and … Continue reading →

Chapter 9 of Adam Smith’s Wealth of Nations (available here) is another intellectual and historical tour de force. Among other things, Smith not only compares and contrasts the levels of wealth of many different nations and regions of the world … Continue reading →

Let’s pick up my survey of Adam Smith’s Wealth of Nations where we left off: with Chapter 8 on “The Wages of Labour” (available here). As it happens, this particular chapter is one of the lengthiest and most tedious chapters … Continue reading →