In their letter “The Virtues of the ‘Knowledge Theory of Value’” (May 1), Gale Pooley and George Gilder emphasize the importance of knowledge in economic value. In doing so, however, they provide ...

George Gilder and Gale Pooley rightly note that a useful measure of how much things cost is how long we must work to earn enough to purchase them (“We Should Measure Prices in Time,” op-ed, April 17).

Smith’s theory of value and distribution, which emphasizes labor time as the determinant of prices, has been widely misunderstood. Ricardo misinterpreted it as relevant only to primitive societies, ...

Kirkcaldy, a small town on Scotland’s east coast, is a nice place. But aside from a small alleyway, Adam Smith Close, the town has largely forgotten that Adam Smith lived there. The Adam Smith ...

The tercentenary of Adam Smith’s birth is an opportunity to consider how his insights into the dynamics of economic growth continue to shape our understanding of the world today. But what if the ...

Log-in to bookmark & organize content - it's free! This clip provides definitions and a discussion on current perspectives on socialism and capitalism. Polling data about these economic systems among ...

You know Adam Smith for his “invisible hand,” the mysterious force that steers the selfish economic decisions of individuals toward a result that leaves us all better off. It’s been a hugely ...

Discover the Diamond-Water Paradox—why diamonds cost more than water. Learn about subjective value and marginal utility in economic valuation.

With the 250th anniversary of The Wealth of Nations approaching next year, the world is gearing up to honour Adam Smith. But which Smith should be recognised? The hard-nosed "founding father" of ...