A Biography of Adam Smith

  The Celebrated Adam Smith By Murray N. Rothbard (Originally published as chapter 16 in An Austrian Perspective on the History of Economic Thought, Vol. I, Edward Elgar Press, 1995; Mises Institute, 2006. Sources on this chapter.) Part 1 – The mystery of Adam Smith Part 2 – The life of Smith Part 3 – The division […]

The Man of System

Adam Smith’s The Theory of Moral Sentiments included this short passage on two distinct ways of seeing the world: the natural and harmonious view of spontaneous order and the “man of the system,” who sees society as something he can manipulate and mold “ease as the hand arranges the different pieces upon a chess-board.” The man whose […]

The Division of Labor

In this selection from the opening pages of An Inquiry into the Nature and the Causes of the Wealth of Nations, Smith explores the significance of the division of labor using his famous example of the pin factory where specialization lets the employees radically increase their production. The greatest improvement in the productive powers of labour, […]

Free to Choose

INTRODUCTION Ever since the first settlement of Europeans in the New World America has been a magnet for people seeking adventure, fleeing from tyranny, or simply trying to make a better life for themselves and their children. An initial trickle swelled after the American Revolution and the establishment of the United States of America and became a flood in the […]