Speaking of Smith Archives

Jane Austen's Theory of Moral Sentiments: Sense, Sensibility, and Adam Smith

Shannon Chamberlain for AdamSmithWorks

Jane Austen isn’t the first name that comes to mind when we think of capitalism, the Industrial Revolution, or the moral side of the pursuit of wealth. But the England in which she lived and wrote her six extraordinary novels was deeply affected by the economic and social changes that Smith described in The Wealth of Nations. In this series, I’ll explore how several of her characters confront the moral consequences of the pursuit of wealth.

Adam Smith on Women's and Mothers' Roles

Chris Loukas for AdamSmithWorks

During Women’s History month is a great time to see what Adam Smith thought about women and their role in the family. Although mostly remembered for his work as an economist one can find insights scattered through his works on gender roles.

Adam Smith, Historian

John Burrow for AdamSmithWorks

[Smith's works] stand as a prime example of the practice of historical research and writing, as well as the results of intense historical work. Without Smith’s sense and emphasis of history, without his ability to investigate and interrogate the past on its own terms, the Wealth of Nations would have fallen largely flat over the expanse of time since the 18th century. It would have been rooted in nothing more than the Scottish Enlightenment and would have undoubtedly found decay as the world changed.

The Labor Theory of Value Lacks Value

Isadore Johnson for AdamSmithWorks

If the labor theory of value is correct, profit is a problem rather than a solution. Since profit can only come from exploitation, and exploitation is to be avoided, most endeavors should be neutral if not ending up in the red.

People - Not Pieces in a Politician's Plan

Shal Marriott for AdamSmithWorks

Smith does not only think it’s necessary to accept individuals as imperfect, but he also warns against the desire to try to perfect humankind. A view of people as chess pieces on a board, acting by rules which are known and easy to understand takes away individual autonomy and liberty. It is to expect them to act according to one’s own desires rather than accepting that they follow their own interests and passions.

I Was Saved by Division of Labor

Michael Munger for AdamSmithWorks

No one in the “republic of science” foresaw the set of spontaneous orders that would be elaborated and constantly updated when the foundational discoveries were being made. Nevertheless, this procedure, “catheter ablation for A-fib,” is now performed 80,000 times each year in the U.S., and many times that number around the world.

Introducing The Great Antidote Podcast with Juliette Sellgren

AdamSmithWorks is delighted to introduce our new podcast, hosted by Juliette Sellgren.

What is the most important thing people my age or in my generation should know that they don’t?

What Would We Do Without Division of Labor?

Marko Veckov for AdamSmithWorks

By doing tasks in a predictable manner, one becomes a master of his own craft and starts to enjoy the fruits of his work, becoming more and more satisfied as time goes by. He or she starts to seek ways to achieve greater efficiency and in doing so, innovation happens, and sometimes new discoveries occur.

What Adam Smith Ate: Tea (& maybe Breakfast Scones)

Renee Wilmeth for AdamSmithWorks

Tea in Scotland during Smith’s time was a critical component of breakfast (along with coffee, which was more common at home in Scotland than in England). A classic breakfast during Smith’s time was tea and toast – or rolls. (And for Smith, sometimes even strawberries) It was also an important social ritual during the day.

Great Minds Think Alike: Adam Smith & Confucius on Morality

Hairuo Tan for AdamSmithWorks

Studying TMS and The Analects comparatively shows that Smith’s rendering of prudence and self-command is among the virtues of a junzi. Although Confucius would not consider a Smithian prudent man as a junzi, he would appreciate many of the properties that a Smithian prudent man possesses.

Smith and Individualism

William Glod for AdamSmithWorks

Individualism is about personal freedom but more than that – it’s about taking each other’s humanity, including our own agency, seriously. When we desire to be loved by other persons, we thereby presume all others are valid sources of worth and recognition. When we desire to be lovely, we thereby consider ourselves responsible for treating all other persons as valid sources of worth and recognition in our interactions with them, while expecting the same responsibility by them toward ourselves.

Adam Smith Suggests You Read a Romance Novel (And Have a Laugh At Yourself)

Shannon Chamberlain for AdamSmithWorks

Smith answers in advance a certain criticism that people often start leveling at him around Valentine’s Day: that he thinks love is “ridiculous.” Nope. No more than he finds studies or professions ridiculous. It’s just that they don’t and can’t have the same value to everyone. If they did, the whole world would be in love with one thing or person.