Speaking of Smith Archives
Could Too Much Division of Labor Be Bad?
January 5, 2022

Division of labor is working, but is everyone made better off, as we’ve come to expect from Adam Smith? Horwitz describes how women tend to invest more in household capital than men, who invest more in market human capital. So long as control over financial resources remained in the hands of men, this increased domestic specialization rendered women arguably more dependent on marriage.

Division of labor is working, but is everyone made better off, as we’ve come to expect from Adam Smith? Horwitz describes how women tend to invest more in household capital than men, who invest more in market human capital. So long as control over financial resources remained in the hands of men, this increased domestic specialization rendered women arguably more dependent on marriage.
Adam Smith and the Donor Priority Rule
January 3, 2022

Adam Smith maintained that altruism is more important towards those close to us, like families and friends, and that “Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so (TMS, 2,ii,2).” Taking this into account, Smith found reciprocity as mechanism that promotes benevolence towards others and supports cooperation.

Adam Smith maintained that altruism is more important towards those close to us, like families and friends, and that “Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so (TMS, 2,ii,2).” Taking this into account, Smith found reciprocity as mechanism that promotes benevolence towards others and supports cooperation.
Reading the Wealth of Nations: Book 4
November 15, 2021

Smith calls this book “Of Systems of Political Economy,” while our discussion leader described this book as “the argument”. It is here that Smith’s attack on the mercantilist system is most apparent.

Smith calls this book “Of Systems of Political Economy,” while our discussion leader described this book as “the argument”. It is here that Smith’s attack on the mercantilist system is most apparent.