
Ep. 241 Krugman Confuses on Trade Surpluses
Bob Murphy Show
00:00
Can You Work for Outsiders?
Adam Smith: It would be foolish for an individual household to try to produce internally what could be purchased more cheaply from outside the household. He says if you're pinned down spending most of your waking time just growing food, because that's what he needs to do in order to get enough to feed his family for the week. Adam smith: To maximize the amount of dollars the household ends up accumulating overtime, needs to focus his time on selling accounting services.
Transcript
Play full episode