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Adam Smith's Wealth of Nations: Episode #2--The "Model"

The Answer Is Transaction Costs

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Adam Smith: Morality and Commerce

This chapter explores Adam Smith's motivations behind 'The Wealth of Nations' and his views on the benefits of commercial society, highlighting the interplay between self-interest and societal welfare. It examines Smith's critique of rigid governance, advocating for moderation and gradual reform while emphasizing the moral implications of economic practices such as slavery. Additionally, the chapter discusses Smith's notions of human nature, altruism, and trade, setting the stage for a deeper understanding of economic theories in relation to moral philosophy.

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