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How Adam Smith Can Change Your Life
272 pages, 2014
philosophy
711 books
economics & politics
987 books
business & management
1082 books
self-improvement
909 booksAdam Smith (1723-1790), one of the founders of economics and political science, published more than 100 years ago his main work The Wealth of Nations in 1776. This work about the importance of free markets, division of labor, and capital accumulation came to be considered a cornerstone of modern economic thinking.
Others in his lifetime, however, knew him as a philosopher and moralist, whose other writings on human nature were much more interesting. His best-known work for this second field was Theory of Moral Sentiments (1759), which he wrote because he puzzled over how self-interest so often seems to lead to harm rather than harvest, as would be true if rational agents were guided by ‘self-interest’ alone.
He noted that self-interest ‘is by no means sufficient to make us either happy or miserable’ [... ]. Indeed it is not in our power to accommodate our minds to our present circumstances so as to be happy in them.
Russ Roberts explores Adam Smith's insights into human nature. He shows how Smith's ideas can help us understand why we do what we do, and how this understanding can improve our daily lives.
Roberts digs into Smith's concept of the 'invisible hand'. He explains how our self-interest can lead to societal benefits, and how this principle can change the way we view our actions and their impacts.
In the book, Roberts takes a look at Smith's belief in the importance of sympathy. He shows how empathy and understanding can lead to better relationships and a more fulfilling life.
Roberts researches Smith's emphasis on virtues like prudence, justice, and beneficence. He explains how these virtues can guide our actions and decisions, leading to a more meaningful and satisfying life.
Finally, Roberts explores Smith's belief in the power of markets. He shows how markets, driven by self-interest and competition, can lead to prosperity and innovation. This understanding can change our perspective on economics and our role in it.
