The video of my second OLLI talk on Adam Smith, in which I focus on The Wealth of Nations, is here.
A fair number of highlights.
2:45: First sentence of WN is a zinger on the division of labor.
3:24: Pin factory.
4:58: Why division of labor works.
6:58: Propensity to truck, barter, and exchange.
7:58: Dogs don’t trade bones with other dogs.
8:34: We need the cooperation and assistant of great multitudes.
9:34: The most famous quote from WN.
10:20: Smith on mercantilism.
11:58: Wealth does not consist of money.
12:15: Gold and silver are like kitchen utensils.
12:50: Balance of trade.
15:00: Invisible hand.
17:00: George Stigler’s clever remark.
17:50: Smith on industrial policy.
21:00: Smith on protectionism.
23:04: Smith on free trade.
23:44: Producing wine in Scotland.
26:00: Corn laws and Irish famine.
27:49: Retaliatory tariffs and the “chicken tax.”
30:00: Transition costs in move to free trade.
32:05: Smith discovers the Laffer Curve.
35:40: Smith on collusion: what gets left out of quote.
37:00: Electrical equipment conspiracy.
38:27: Inequality. First, in free economy; second and more important, due to government regulaiton.
42:08: Trickle down on the consumer side.
45:40: Smith on British imperialism.
47:20: Colonies are an economic loser.
48:20: Should Britain give up the colonies voluntarily?
48:50: Who will win the American Revolution? (Someone yelled out “spoiler alert,” but this didn’t make it on to the recording.
49:50: Smith on slavery.
52:05: Smith’s 3 functions of government.
53:28: Smith’s first maxim of taxation.
54:25: Smith on universities.
57:40: Smith on lotteries.
58:40: Smith on deregulation.
Then to Q&A.
59:40: East India Company.
1:01:15: Biden on Ukraine spending on U.S. arms. What would Smith say about Biden’s argument?
1:03:25: Would Smith have favored intervention to establish “orderly markets?”
1:04:15: How did Smith reconcile his Christianity with self-interest?
1:05:00: Smith and national security.
1:05:50: PPE during pandemic.
1:06:20: Should we get rid of tenure?
