Adam Smith's Theory of Moral Sentiments (1759) lays out his moral philosophy, and provides the philosophical and psychological underpinnings of the better-known Inquiry Into the Nature and Causes of the Wealth of Nations (1776). In this video, prepared for the History of Economic Thought course for economics majors at Northwestern University, I highlight the main ideas in TMS and their relevance to Smith's subsequent works.
Adam Smith: Theory of Moral Sentiments from Lynne Kiesling on Vimeo.
The Wealth of Nations is Smith's most famous work, and is one of the foundational texts in economics. In the course of his extensive and thorough critique of mercantilist policies that tie together economic and political processes and power, Smith formulates important theoretical insights about the role of specialization in increasing productivity and income, market prices and their adjustments, labor and capital as complements in production, domestic and foreign trade as mutually beneficial value-creating processes, and the role of government in providing defense, enforcing (negative) justice, and providing infrastructure that increases the extent of the market and enables general basic education.
Adam Smith: An Inquiry Concerning the Nature and Causes of the Wealth of Nations from Lynne Kiesling on Vimeo.
Having seen these you will want to know more and a good place to start on Smith is
- Adam Smith by James Otteson
- The Life of Adam Smith by Ian Simpson Ross
- Adam Smith: A Moral Philosopher and His Political Economy by Gavin Kennedy
- The Impartial Spectator: Adam Smith's Moral Philosophy by D. D. Raphael
- Adam Smith's Marketplace of Life by James R. Otteson
The Wealth of Nations and The Theory of Moral Sentiments