David Rose (University of Missouri-St. Louis): Unpacking Adam Smith: A Foundational Look at Economics

While Smith’s work is indisputably brilliant, it is often difficult. One important example is his account of the gains from trade, which effectively conflates two distinct types of transactions. I unpack this account by distinguishing between the gains from cooperation and gains from exchange.

Suggested background reading: David Rose, “The Evolution of Economic Society”; Adam Smith’s pin-factory example