Was Adam Smith Really a Right-Winger? (Update)

Economists and politicians have turned him into a mascot for free-market ideology. Some on the left say the right has badly misread him. In this updated replay of a 2022 episode, we hold a very Smithy tug of war.   SOURCES: Eamonn Butler, co-founder and director of the Adam Smith Institute. Glory Liu, a political scientist and Adam Smith scholar at Georgetown University. Mariana Mazzucato, professor in the economics of innovation and public value at University College London. Dennis Rasmussen, a professor of political science at Syracuse University. Russ Roberts, president of Shalem College in in Jerusalem; host of the EconTalk podcast; and author. Craig Smith, Adam Smith Senior Lecturer in the Scottish Enlightenment at the University of Glasgow.   RESOURCES: Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism, by Gloria Liu (2022). "Henry and Adam: A Deep and Special Friendship," by Benny Higgins (Adam Smith Panmure House Perspective, 2020). "Rescuing Adam Smith From Myth and Misrepresentation," (The Economist, 2018). The Infidel and the Professor: David Hume, Adam Smith, and the Friendship That Shaped Modern Thought, by Dennis C. Rasmussen (2017). How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness, by Russ Roberts (2014). "British Privatization — Taking Capitalism to the People," by John Moore (Harvard Business Review, 1992). Free to Choose: A Personal Statement, by Milton Friedman and Rose Friedman (1990). The Essential Adam Smith, edited by Robert L. Heilbroner (1986). An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776). The Theory of Moral Sentiments, by Adam Smith (1759).   EXTRAS: "In Search of the Real Adam Smith," series by Freakonomics Radio (2022). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.