Episode 73: Adam Smith - Wealth of Nations

Episode 73: Adam Smith - Wealth of Nations

Conservative Minds

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Smith argues that a nation's wealth stems from the goods and services it produces, rather than the amount of money it collects. Specialization increases wealth through a dramatic increase in productivity. A market economic system is the most effecient method for setting prices and creating wealth. Money is a medium for exchange and has no inherent value of its own. International trade makes both nations in a transaction better off. Eamon Butler, ...
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Smith argues that a nation's wealth stems from the goods and services it produces, rather than the amount of money it collects. Specialization increases wealth through a dramatic increase in productivity. A market economic system is the most effecient method for setting prices and creating wealth. Money is a medium for exchange and has no inherent value of its own. International trade makes both nations in a transaction better off. Eamon Butler, ...
Read More