History

Economics as Moral Philosophy (cont.)

READINGS:

• Smith, The Wealth of Nations(1776),Book I, chpts. 1-3, 10; Book IV, chpt. 2.

Paper prompt 5 (due June 23): Explain the main argument in contemporary language (i.e., as if you were explaining it to your roommate). For Book IV, chpt. 2 in particular, carefully listevery argument in favor of free trade (and against “restraints upon the importation”) that Smith makes here (for this time only, you can use bullet points). What are Smith’s arguments in favor of, and against, free trade? “Free” as opposed to what? What is the invisible hand? Is the economy infinitely expandable?