Smith's Wealth of Nations

Pre-requisites for enrolment

No prior knowledge is required.

Content of Course

Adam Smith has a popularised legacy as a right-wing, free-market thinker. However, much of this account is based on inaccurate readings and false understandings of Smith. Recent research on Smith has advanced a very different account of his life and works.  The aim of this course is to provide you with a solid grounding for the study of his main work, The Wealth of Nations, focusing on its first two books. In order to provide the necessary conceptual background and context for understanding The Wealth of Nations, we will consider Smith’s earlier works, particularly his Theory of Moral Sentiments, and key claims by Mercantilists and Physiocrats, whom Smith argued against.

In addition to providing biographical and historical context, the course will examine key concepts in political economy, noting which ones Smith developed and added to debates within the discipline. The revolutionary nature of Smith’s approach will be emphasised. Topics covered may include:

1. The division of labour and labour specialisation.

2. The propensity to expediency (or ‘to truck, barter, and exchange’).

3. The extent of the market and its implications.

4. The determination of price (and various theories of price formation).

5. Theories of wealth distribution, and definitions of capital and wealth.

6. Distinctions Smith draws between productive and unproductive forms of labour.

 

Teaching method(s)

Each weekly two-hour class will combine lecture and discussion. You will be encouraged to read in advance the sections of the text to be discussed; tutorial questions will be circulated in advance to maximise the potential for you to participate in class discussion.

Learning outcomes

On completion of this course, students will be able to:

• Identify key ideas in Smith’s Theory of Moral Sentiments and link these to positions taken in The Wealth of Nations;

• Outline Smith’s main contributions to political economy;

• Critically evaluate arguments Smith makes in The Wealth of Nations;

• Assess the continuing relevance of The Wealth of Nations to the modern world.

Sources

Core Readings

Essential:

• Smith, A., 1776. Wealth of Nations. Classics of World Literature, 2012. Ware: Wordsworth. [Other editions can be used – but page references in the course will make use of this edition.]

Recommended:

• Allen, R.C., 2011. Global Economic History: A Very Short Introduction. Oxford: Oxford University Press.

• Backhouse, R., 2002. The Penguin History of Economics. London: Penguin Books.

• Berry, C.J., 2018. Adam Smith: A Very Short Introduction. Oxford: Oxford University Press.

• Phillipson, N., 2011. Adam Smith: An Enlightened Life. London: Penguin.

Web Sources

Plassart, A., 2017. Adam Smith: The People on the Notes. OpenLearn [online]. Available at: <https://www.open.edu/openlearn/history-the-arts/history/the-people-on-the-notes-adam-smith>

Internet Archive, 2018. Adam Smith Open Library [online], includes links to free-to-read versions of many of Smith’s works. Available at: <https://openlibrary.org/authors/OL39302A/Adam_Smith>

Queries

If you have questions regarding the course or enrolment, please contact COL Reception at Paterson's Land by email COL@ed.ac.uk or by phone 0131 650 4400.

Student support

If you have a disability, learning difficulty or health condition which may affect your studies, please let us know by ticking the 'specific support needs' box on your course application form. This will allow us to make appropriate adjustments in advance and in accordance with your rights under the Equality Act 2010. For more information please visit the Student Support section of our website.