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Michael Munger on How Adam Smith Solved the Trolley Problem
EconTalk
Appreciating the Mechanism of Division of Labor in Capitalism
In Smith's system, capitalism does not coarsen us because we have four sources of moral sentiments. Our wealth and prosperity can coexist with social relations from these sources. Classical liberals have often misunderstood this balance and claimed that markets are all we need. However, true happiness comes from more than just wealth and material possessions.
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