250 Years of "The Wealth of Nations" | Bradley Hobbs

Bradley Hobbs delivers a lecture on Adam Smith, emphasizing Smith’s roots in moral philosophy and the major themes of "The Wealth of Nations": division of labor, specialization and exchange, mercantilism, natural liberty, and spontaneous order. In this lecture, Hobbs connects historical context, key excerpts such as the pin factory and the impartial spectator, and contemporary lessons for markets, policy, and civic life. 00:00 — Intro: overview goals for Smith lecture 00:24 — Smith as moral philosopher: roots, TMS vs. “economist” 00:49 — Smith’s biography & Scottish Enlightenment context 02:10 — TMS themes: self-interest vs. selfishness; impartial spectator 05:31 — Smith’s “peace, easy taxes, tolerable justice” trifecta 07:19 — Sympathy, empathy and the limits of moral concern 10:14 — Duty to those closest: limits on global philanthropy 21:43 — Wealth of Nations: four core themes introduced 22:09 — Division of labor & the pin factory example 23:38 — Specialization, trade and modern interdependence 28:16 — Mercantilism: crown privileges, protectionism & consumer cost 31:27 — Natural liberty: justice & limited government role 36:28 — “Man of system” & the chessboard critique of central planning 38:52 — Spontaneous order & the invisible hand (Smith → Hayek) 47:14 — Invisible hand, profit as consumer vote & I, Pencil / wool coat example 51:21 — Closing: Smith’s legacy at 250 years & final takeaways #AdamSmith #WealthOfNations #InvisibleHand Expand your knowledge and learn new skills in http://www.newmedia.ufm.edu Organized by: Facultad de Ciencias Económicas https://fce.ufm.edu/ Facebook @FCEUFM Twitter @FCEUFM A production by UFM Studios http://newmedia.ufm.edu Follow us on social media Facebook @ufmvideos Twitter @newmediaufm