The Complexity of Free Markets

Adam Smith's book, The Wealth of Nations, presents a panoramic description of economy and society, making it a complex work that can be interpreted in different ways. Smith's understanding of free markets is not solely based on supply and demand, but also incorporates a moral framework rooted in Stoicism and the ethics of prominent philosophers like Cicero. Smith believes that a free market should be supported by a society with a moral foundation to ensure fair and just transactions. However, his views on agriculture as the main source of wealth and his skepticism towards merchants and businesses add complexity to his perspective.