LECTURE – Gains From Trade, Part 1 - Adam Smith, “Wealth of Nations, Book 1, Chapters 1-4”

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This lecture covers Smith’s seminal discussion of the role of exchange in the creation of wealth: how exchange enables humans to divide labor, how dividing labor makes labor more productive, how the number of people engaging in exchange increases the opportunities for dividing labor, and how money makes exchanging easier.

Part 1 - Professor Hanley introduces us to Adam Smith's "Wealth of Nations", specifically discussing his defense of the advantages of commercial society from both historical and theoretical perspectives.

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