Economic Rockstar

Connecting Brilliant Minds in Economics and Finance

104: Russ Roberts on How Adam Smith Can Change Your Life and the Theory of Moral Sentiments

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104: Russ Roberts on How Adam Smith Can Change Your Life and the Theory of Moral Sentiments

Russ Roberts is Associate Editor, founder and host of the popular and much loved podcast EconTalk, russ-roberts-economic-rockstarand founding advisory board member of the Library of Economics and Liberty.

Russ is the John and Jean De Nault Research Fellow at Stanford University’s Hoover Institution.

His two rap videos on the ideas of John Maynard Keynes and F.A. Hayek, created with filmmaker John Papola, have had more than eight million views on YouTube.

Russ’ latest book How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness takes the lessons from Adam Smith’s The Theory of Moral Sentiments and applies them to modern life.

Russ is also the author of three economic novels teaching economic lessons and ideas through fiction. The Price of Everything: A Parable of Possibility and Prosperity, The Invisible Heart: An Economic Romance and The Choice: A Fable of Free Trade and Protectionism.

Russ blogs at CafeHayek.com and archives his work at russroberts.info.

A three-time teacher of the year, Russ has taught at George Mason University, Washington University in St. Louis, the University of Rochester, Stanford University, and the University of California.

He earned his Ph.D. from the University of Chicago and his undergraduate degree in economics from the University of North Carolina at Chapel Hill.

Economists:

In this episode, Russ discusses and mentions: Adam Smith, F. A. Hayek, David Hume, Vernon Smith, Milton Friedman and Nassim Nicholas Taleb.

Economics:

In this episode, Russ discusses and mentions: Austrian economics, classical economics, spontaneous order, pricing, supply, demand, surge pricing, unintended consequences, price controls, taxes and subsidies.

In this episode, you will learn:

  • about Adam Smith and how the application of Smith’s philosophical and economic thinking can change your life.
  • what the market forces are and the positive and negative examples of the spontaneous order.
  • the invisible hand and prices.
  • what surging prices are.
  • what Smith describes as the impartial spectator and the power of our conscience.
  • Adam Smith’s advice on how to be happy.
  • two ways to get people to pay attention to you and what Smith believed is the most ethical way.
  • what Smith believed was the cultural norm to accept behaviors.

Two Ways to Get People to Pay Attention to You:

Be rich, famous and powerful. It works. But don’t be fooled. You have a natural tendency to pursue money, fame and power because it will get you attention, respect and love. But that’s the wrong way to get there.

The right way to get there is through wisdom and virtue. Understand the world and treat people well. If you do that, you’re also going to be loved, respected and praised. But you won’t be doing the things along the way that people do when they want to become rich, powerful and famous that are not so good for you that cold lead to regret, shame and misbehavior. The temptation to do the unethical thing to pursue fame, power and money is always there.

Writing Tips:

  • Write everyday.
  • The trick to being a good writer is being a good editor.

Where to Find Russ Roberts:

Recommended Books:

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082: Peter Boettke on Smith and Keynes and Why We Should Be ‘Living Economics’

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082: Peter Boettke on Smith and Keynes and Why We Should Be ‘Living Economics’

Peter Boettke is Professor of Economics and Philosophy at George Mason University, the BB&TPeter Boettke Economic Rockstar Professor for the Study of Capitalism, and the Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.

Peter is now the co-author, along with David Prychitko, of the classic principles of economics texts of Paul Heyne’s The Economic Way of Thinking.

Professor Boettke’s most recent book, Living Economics, provides a resource for how teachers and students can engage in many fascinating questions in economics and illuminates the core principles that should guide our thinking.

Peter’s efforts in the classroom have earned him a number of distinctions including the Golden Dozen Award for Excellence in Teaching from the College of Arts and Sciences at New York University and the George Mason University Alumni Association’s 2009 Faculty Member of the Year award.

Peter’s research has primarily been in the area of comparative political and economic systems and the consequences with regard to material progress and political freedom.

Economics:

In this episode, Peter mentions: Classical economics, Austrian economics, Keynesian economics, credit transmission, institutions, the invisible hand, mainline economics, mainstream economics, private property, public choice, rent-seeking, opportunity cost, scarcity, exchange, markets, negative externalities, laissez-faire, Coase theorem, Pigouvian tax, reciprocity, inflation, stagflation and Malthus’ theory of The General Glut.

Economists:

In this episode, Peter mentions: Adam Smith, F. A. Hayek, Ludwig von Mises, Milton Friedman, Paul Samuelson, John Maynard Keynes,Frédéric Bastiat, David Hume, Vernon Smith, Thomas Robert Malthus, J. K. Galbraith, Paul Heyne, Hyman Minsky, Thorstein Veblen, Steve Keen, Ben Bernanke, Arthur Pigou, Gordon Tullock, James Buchanan, Robert Coase, Elinor Ostrom, Vincent Ostrom and Major Douglas.

Papers:

Books:

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