5min chapter

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525. In Search of the Real Adam Smith

Freakonomics Radio

CHAPTER

Adam Smith's Kirkani Market

Kirkani was a royal borough, which gave certain advantages to local landowners or Burgesses. The richer farmers also were Burgesses because they had to have a house in the town. Just a few hundred yards away is the wide-mouthed port where Adam Smith's father worked as a customs officer. In 18th century Scotland, pins were made of iron and used in all sorts of industrial settings. Each worker at the pin factory had a specialized task: One would straighten out the iron, another would cut it so that it could be put together.

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