Continuing on the foundational text of economics. Is Smith’s position the equivalent of “greed is good?” (No.) What’s the deal with the “invisible hand?”
We talk about Smith’s picture of the (sort of) self-regulating economy, and why he thinks we shouldn’t have tariffs or guilds or other restrictions on the mobility of goods, workers, or capital. We rant a bit in ways that will hopefully be cleared up in ep. 177, when Russ Roberts from EconTalk joins us to discuss economics and Adam Smith further. Stay tuned!
End song: “With My Looks and Your Brains” by The Mr. T Experience. Listen to an interview with the singer/songwriter Frank Portman on Nakedly Examined Music #56.