Freakonomics Radio 526. Was Adam Smith Really a Right-Winger?
107 snips
Dec 15, 2022 
Eamon Butler, Director of the Adam Smith Institute, shares insights on free-market ideologies, while Glory Liu, a scholar on Adam Smith, highlights his influence on American capitalism. Russ Roberts dives into the moral implications of Smith's theories, questioning the balance between market efficiency and ethics. The discussion tackles Smith's complex legacy, including his interpretations on colonialism and the misreading of his 'invisible hand' by modern economists. Together, they unravel the tensions in today's political climate, linking historical concepts to contemporary issues.
AI Snips
Chapters
Transcript
Episode notes
Smith on UK Taxes
- Eamon Butler, of the Adam Smith Institute, believes Adam Smith would find the UK's 40% tax rate tyrannical.
- He'd see it as oppressive, given its various hidden taxes on income and spending.
Smith's Transformation
- Adam Smith, a moral philosopher, became the patron saint of free-market capitalism.
- This transformation, explored in London, reveals a shift in his image.
Reception of Moral Sentiments
- Adam Smith's "Theory of Moral Sentiments" was initially praised for its humane perspective.
- It highlighted that wealth doesn't equal virtue, and poverty doesn't preclude it.