Adam Smith's Wealth of Nations Episode 10: Always Contemporary
From The Answer Is Transaction Costs by Michael Munger
February 24, 2026 · 1h 28m
About this episode
The episode assesses Adam Smith’s ideas on commerce and the division of labor while discussing the challenges posed by monopoly privilege in democratic politics.
Send us Fan Mail We assess Adam Smith’s enduring ideas—moral authorization of commerce, division of labor, emergent order—and confront where his optimism breaks: how democratic politics and business fuse to create monopoly privilege. The result is a maintenance‑intensive commercial order that needs competition defended, not assumed. • presumption for markets under secure property, justice, and competition • division of labor as the main engine of productivity and growth • invisible hand refr...
People in this episode
Host: Michael Munger
Topics covered
- Adam Smith
- commerce
- division of labor
- monopoly privilege
- democratic politics
- competition
Keywords
- Adam Smith
- Wealth of Nations
- commerce
- division of labor
- monopoly
- competition
- politics
Mentioned in this episode
Books & works: Wealth of Nations
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