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

The Answer Is Transaction Costs

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Exploring the Complexities of Moral Sentiments

This chapter explores Adam Smith's insights into moral sentiments by examining four key sources: motive, reaction, convention, and consequence. It discusses the interplay and potential conflicts among these sources, using examples like a judge's balancing act between intentions and societal norms in moral judgments.

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