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Speaking of Smith Archives

The most judgmental Austen heroine


Once again, Jane Austen offers plenty of juicy examples to help us understand the concepts laid out by Adam Smith. 

Justice and Exchange in Commercial Society


The Wealth of Nations. An overview and covering the introduction in Book One. 

This episode walks through key ideas in Book I, including the famous examples of the pin factory and the woolen coat, used to illustrate the productivity gains from the division of labor. We discuss some complexities in Smith’s nuanced view of profit, wages, and rent, distinguishing between empirical observations and his normative judgments—especially on the imbalance of bargaining power between workers and employers. Smith is portrayed as a reformist moral philosopher, not a dogmatic advocate of laissez-faire, and it is important to stress how Smith's concern with justice, institutions, and the proper role of government remains highly relevant today. 

A Plea to Adam Smith Scholars


Scholars should be cautious when citing Adam Smith’s Lectures on Jurisprudence. It is intellectually dubious—and perhaps even morally wrong—to cite Smith’s early law lectures without qualification.

Adam Smith's Warnings about Exceptions to Free Trade


Adam Smith was a great advocate of free trade, but he did not provide unqualified support for it.

Adam Smith's Two Books: You Can't Have One Without the Other


What’s the relationship between The Theory of Moral Sentiments and The Wealth of Nations? Are they in tension—or part of a deeper unity?

In this second episode, Mike Munger dives into Adam Smith’s “two-book problem,” exploring how Smith’s moral philosophy and economic insights complement each other—and why both are essential to understanding human behavior, markets, and society.

The Scottish Enlightenment and Smith's Origins

AdamSmithWorks is delighted to introduce a NEW series of podcasts with Mike Munger in anticipation of the 250th anniversary of The Wealth of Nations. The recording is also available via Munger's podcast, "The Answer is Transaction Costs" [TAITC].



Join us as we travel back to 18th-century Edinburgh to rediscover the roots of some of the most enduring ideas in liberty, markets, and civil society. In addition to the audio, below you'll find discussion questions, a complete transcript, and a treasure trove of related resources. Dig in!

Who Owns What a Machine Creates? Adam Smith on AI and Copyright


Smith believed that true innovation thrives under competition, not under the shadow of legal exclusivity. We should be cautious before inventing new categories, such as granting authorship to machines, unless and until the practice emerges organically from society. 

Product Design with Adam Smith


Can Smithian insights help you build a better bike helmet? Can they help you buy a better bike helmet? David Chávez Salazar suggests you check in with your impartial spectator at the drawing board and at the bike shop. 

What Harriet Martineau Ate: Plum Pudding and Christmas Cakes

Still life of grapes, apples and plums by Juan Bautista de Espinosa

By spreading the cost of rare or exotics ingredients over thousands of plum puddings in hundreds of cities, an extravagance can become a reliable once-a-year treat. Renee Wilmeth returns with her delicious combination of intellectual history, food market insights, and kitchen adventure encouragement. 

How Cities and Towns Create Wealth and Value According to Adam Smith

Nicolas de Larmessin, The Dance of Work: Satires and Grotesques of the Professions, 1700
A desire for fine quality things and a market that reaches beyond isolated estates can create affordable necessities (and frivolities). 

Adam Smith and British Bubbles???



There’s a delightful moment in Adam Smith’s Wealth of Nations where he neatly demonstrates the efficacy and efficiency of free trade by talking about wine...

So why are the French buying up vineyard land in England???

Adam Smith on Market Changes, Efficiency, and How to Fire Employees

Adam Smith understands that markets do and must churn as supply and demand and free trade move, but he also importantly argues for measures that make these changes more bearable for workers, like implementing changes gradually and eliminating privileges and regulations that unduly benefit or insulate the powerful.