Topics
Required reading / viewing / listening
Smith, Wealth of Nations (selections)
Homework due
Short paper 6
Adam Smith claims that a natural human "propensity to truck, barter, and exchange one thing for another" leads to the division of labor, and eventually to extensive "markets." What, according to Adam Smith, is a market? What does Adam Smith see as the advantages of extensive markets and the division of labor? What disadvantages does he see?
Briefly (in 250 to 400 words) define markets and their advantages and disadvantages as Adam Smith describes them. Remember to use specific examples from the text to support your claims.
Written assessment
Quiz 5
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