{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Libertarian Christian Podcast","title":"Adam Smith's Wealth of Nations at 250, with Eamonn Butler","html":"","width":"100%","height":180,"duration":3319,"description":"Cody Cook welcomes Eamonn Butler, British economist and co-founder/director of the Adam Smith Institute, for a timely discussion marking the 250th anniversary of Adam Smith's seminal work, An Inquiry into the Nature and Causes of the Wealth of Nations (published March 9, 1776). Butler, author of primers on Hayek, Friedman, and Mises, shares insights from his work studying and promoting the ideas of Adam Smith.The conversation explores Smith's enduring legacy as the father of modern economics, rooted in the Scottish Enlightenment. Butler explains how The Theory of Moral Sentiments (Smith's earlier work on virtue, sympathy, empathy, and justice) underpins The Wealth of Nations, showing that self-interest in markets—when guided by moral foundations like trust and honesty—produces social harmony via the famous \"invisible hand.\" Rather than benevolence alone, we get our bread from the baker's self-interest, yet this serves society beneficially.Smith's revolutionary ideas shine through: the division of labor (illustrated by his pin factory example boosting productivity dramatically), national wealth as productive capacity (not hoarded gold), the benefits of free trade, opposition to tariffs, monopolies, and mercantilism (which he saw as cronyism enriching the few at others' expense), and limited government to prevent corruption and rent-seeking.Butler also addresses common misconceptions: early capitalism Smith opposed slavery not just morally but economically, arguing it stifles incentives and efficiency. He contrasts this with critics like Thomas Carlyle, who dubbed economics the \"dismal science\" in defense of hierarchy and authoritarianism. The episode tackles modern critiques from both left and \"new right,\" defending self-interest (prudent and long-term) against charges of short-sighted selfishness, and refuting claims that markets idolize materialism or erode meaning—pointing to how prosperity enables philanthropy, education, leisure, and cultural...","thumbnail_url":"https://img.transistorcdn.com/_xYS0SShA1KrKcrVFqXWyj90yhkxE6xSYO7xJUc6g9c/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ5Mjc2LzE3MDY3/MjA4ODgtYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}