The Wealth of Nations

James Maitland was a Scottish philosopher and writer, also the eighth Earl of Lauderdale. He said that wealth is not just income and stock, as Adam Smith put it, but he described wealth as consisting of all that man desires as useful and delightful to him. Individual riches is a function of supply and demand; wealth can be abundance.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

How we measure wealth, riches, abundance, and well-being is more important today than ever.

Topics covered include:

How late 18th century philosophers Adam Smith and the Earl of Lauderdale defined wealth and the role of capital. Why they worried about income inequality and excess profits
What led to the dramatic increase in life expectancy and wealth in the 20th and 21st centuries
How a long life expectancy and well-being can be attained at much lower levels of wealth
Why John Maynard Keynes was right about the expansion of the economy but wrong about how many hours we would work
How the U.S. expanded its wealth relative to the rest of world, and at what cost
Why natural capital should be included in measuring wealth

For more information on this episode click here.

Sponsors

Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session.

Brooklinen Use code DAVID20 for $20 off plus free shipping

Insiders Guide Email Newsletter

Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.

Show Notes

An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith—Early Modern Texts

About Adam Smith—Adam Smith Institute

An Inquiry Into the Nature and Origin of Public Wealth and Into the Means and Causes of Its Increase by The Earl of Lauderdale—McMaster University

Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail by Ray Dalio—Simon & Schuster

The Economics of Biodiversity: The Dasgupta Review—GOV.UK

Less Is More: How Degrowth Will Save the World by Jason Hickel—Penguin Random House

Economic Possibilities for Our Grandchildren by John Maynard Keynes—Yale

America’s economic outperformance is a marvel to behold—The Economist