#65
Mentioned in 133 episodes

The Wealth of Nations

Book • 1776
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics.

The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit.

It emphasizes the division of labor, the accumulation of capital, and the importance of free markets.

Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces.

The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

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Mentioned in 133 episodes

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as the founder of modern capitalistic theory.
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in a historical comparison to illustrate the challenges of transitioning economic systems.
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when discussing the absurdity of the balance of trade doctrine.
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in relation to early insights on investor optimism.
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Consistent with Adam Smith's theory of stadial development of societies.
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Naomi Oreskes
to illustrate how his work has been misrepresented to support unregulated markets.
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Josh Clark
in relation to Stoicism and individual liberty.
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Oren Cass
, discussing the requirements for the invisible hand to work.
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Fritjof Capra
in relation to the original meaning of wealth as human well-being.
145 snips
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Steve Magness
as the author who centuries ago had the thought that Clay had about the illusion that rouses and keeps in continual motion the industry of mankind.
136 snips
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Forms the basis of the modern economy and came out at the same time the improvement on James Watt's steam engine came out.
117 snips
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Recommended by Warren Buffett as a foundational text in economics.
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