Published May 13, 2009

Dan Klein on The Theory of Moral Sentiments, Episode 5--A Discussion of Parts III (cont.), IV, and V

Explore the duality of economic and moral incentives through Adam Smith's Invisible Hand Theory with Dan Klein and Russ Roberts, as they delve into the interplay between market dynamics, societal virtues, and the influence of customs, while highlighting the critical roles of duty and self-awareness in maintaining moral integrity amidst regulatory critiques.

Episode Highlights

Topics covered

Episode Highlights

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Dexa/Russ Roberts

Dan Klein on The Theory of Moral Sentiments, Episode 5--A Discussion of Parts III (cont.), IV, and V

Topics covered

Popular Clips

Propriety and Utility

The Glue of Society

Smith's Egalitarian Views

The Unintended Consequences

Challenging Dominant Foolishness

Optimism in a Changing World

Controversial Views

Smith's View on Public Policy

Happiness and Wealth

The Invisible Hand of Morals

Exalted Propriety

Evolutionary Origins

Smith's Worldview

General Rules and the Laws of the Deity

Veering Towards Social Justice

Episode Highlights

Invisible Hand Theory

Cultural and Political Critique

Moral Sentiment

Related Episodes

Dan Klein on The Theory of Moral Sentiments, Episode 6--A Discussion of Parts VI and VII, and Summary

Dan Klein on The Theory of Moral Sentiments, Episode 4--A Discussion of Part III

Dan Klein on The Theory of Moral Sentiments, Episode 3--A Discussion of Part II

Dan Klein on The Theory of Moral Sentiments, Episode 2--A Discussion of Part I

Dan Klein on The Theory of Moral Sentiments, Episode 1--An Overview

Daniel Klein on Honest Income

Russ Roberts and Michael Munger on How Adam Smith Can Change Your Life

David Rose on the Moral Foundations of Economic Behavior

Michael Munger on Desires, Morality, and Self-Interest

Dan Klein on Truth, Bias, and Disagreement

James Otteson on Adam Smith

Richard Gunderman on Greed, Adam Smith, and Leo Tolstoy

Michael Munger on How Adam Smith Solved the Trolley Problem

Vernon Smith on Adam Smith and the Human Enterprise

Dan Klein on Knowledge and Coordination

Dan Klein on The Theory of Moral Sentiments, Episode 5--A Discussion of Parts III (cont.), IV, and V

Topics covered

Popular Clips

Episode Highlights

Invisible Hand TheoryThe conversation explores the dual nature of economic and moral incentives, illustrating how the invisible hand guides both markets and moral actions. It also critiques the illusion of material wealth, highlighting its role in societal progress and personal dissatisfaction.

Invisible Hand Theory

Cultural and Political CritiqueThe discussion explores how customs influence moral sentiments and critiques economic regulations through Adam Smith's lens. Dan Klein and Russ Roberts examine the resilience of moral codes and the impact of government interventions on societal virtues.

Cultural and Political Critique

Moral Sentiment

Related Episodes