Economics is one of those things that fundamentally influences our lives on a day-to-day basis. Yet most of us only somewhat understand what it is and how it works.
In the first part of this three-part series, we’ll take a look at classical economics — widely regarded as the first modern school of economic thought — and the historical conditions in which it arose. We’ll also discuss the work of classical economists and how they pioneered a new way of thinking about markets, the way market economics work, and the uniquely human tendency to produce, trade, and consume.
Show Highlights
[03:29] What is economics?
[05:15] Historical context of classical economics
[07:34] Mercantilism and how it works
[11:58] The context in which Adam Smith wrote “The Wealth of Nations”
[16:35] Adam Smith on the distribution of wealth
[19:42] Adam Smith on the division of labor
[23:52] Say's Law and the theory of comparative advantage
[27:38] The role of competition in regulating markets
[29:28] Socioeconomic problems in the 19th century
[32:17] The Iron Law of Wages
[33:12] The government’s role in the economy, according to 18th- and 19th-century economists
[38:28] Problems with the classical economic model
Links and Resources
🟢 An Inquiry into the Nature and Causes of the Wealth of Nations → Adamsmith.org/the-wealth-of-nations
🟢 The Theory of Moral Sentiments → AdamSmith.org/the-theory-of-moral-sentiments
🟢 Beyond Order: 12 More Rules for Life by Jordan B. Peterson → JordanBPeterson.com/beyond-order/
🟢 Fiscally Savage → FiscallySavage.com
🟢 Fiscally Savage Tools → FiscallySavage.com/tools
🟢 Instagram → Instagram.com/fiscallysavage
🟢 Facebook → Facebook.com/fiscallysavage
🟢 Twitter → Twitter.com/FiscallySavage
