Stephen Dubner: Adam Smith is called the founder of modern economic thought. He says we don't get our needs from benevolence alone but out of self-interest, mutual exchange and mutual benefit. The theory of moral sentiments tells you so much more about Smith than what the wealth of nations does, he says. Free Economics Radio is sponsored by Leatherman.
How did an affable 18th-century “moral philosopher” become the patron saint of cutthroat capitalism? Does “the invisible hand” mean what everyone thinks it does? We travel to Smith’s hometown in Scotland to uncover the man behind the myth. (Part 1 of a series.)