The Importance of Dishonor

We all are familiar with Adam Smith's book, The Wealth of Nations. It gave us the "invisible hand" and basically created the field of economics. But did you know he wrote a book before the Wealth of Nations on how to live a virtuous and good life? It's called the Theory of Moral Sentiments and the insights Smith makes in it can change your life for the better. I talk to economist Russ Roberts, author of the book, How Adam Smith Can Change Your Life, about what we can learn from the Father of Economics on living the "good life." We discuss what Smith thinks we need to do to be truly happy, how the "impartial observers" in all of us can guide to us be better, why fame isn't all that great, and why we continue to buy new iPhones even though we know the excitement of owning it will wear off in about week.