The Wealth of Nations

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Is science like manufacturing or like farming?

It is obvious why specialization improves productivity for manufactured goods (even if people seem to systematically underestimate just...

Why we under-appreciate the division of labor

Economists have long known that a key source of society's wealth is the division of labor. Robinson Crusoe was marvelously...

Smith's *The Wealth of Nations*: Introductory thoughts

The first book I am blogging is Adam Smith's masterpiece An Inquiry into the Nature and Causes of the Wealth of Nations (1776). Although...