Adam Smith - Wealth of Nations

Episode 73 · February 27th, 2021 · 42 mins 55 secs

About this Episode

Smith argues that a nation's wealth stems from the goods and services it produces, rather than the amount of money it collects. Specialization increases wealth through a dramatic increase in productivity. A market economic system is the most efficient method for setting prices and creating wealth. Money is a medium for exchange and has no inherent value of its own. International trade makes both nations in a transaction better off.

Eamon Butler, Condensed Wealth of Nations, Adam Smith Institute 2011: