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  • Home
  • Sections
    • Introduction
    • Part 1: Key Concepts
    • Part 2: Progress
    • Part 3: Understanding Trade
    • Part 4: Trust, Agency, and Bystanders
    • Part 5: Management of a Commercial Society
    • Part 6: Personal and Business Finance
    • Part 7: Innovation and Entrepreneurship
  • Table of Contents
  • Glossary
  • Media Resources
  • Errata
  • About

Part 2: Progress

10 | Adam Smith on Progress

Adam Smith pointed out that market society frees us from from starvation and frees us from servility. However, he cautioned that the liberating impact of markets is not guaranteed because market can be corrupted by cronyism. 

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11 | Transaction Cost and Progress

Leaps in human prosperity often stem from innovations that lower transaction cost.

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12 | Commerce and Progress

Society’s  most liberating achievement lies in how putting us in a position where we can trust each other turns us away  from war and toward peaceful, voluntary, mutually advantageous cooperation.

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13 | Production Possibilites Frontier

The Production Possibilities Frontier (PPF) is a graphical representation of what production is possible given a fixed set of resources over a period of time. 

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14 | What Seems Like Progress

Can destruction be good for  an economy?

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Sections

  • Introduction
  • Part 1: Key Concepts
  • Part 2: Progress
    • 10 | Adam Smith on Progress
    • 11 | Transaction Cost and Progress
    • 12 | Commerce and Progress
    • 13 | Production Possibilities Frontier
    • 14 | What Seems Like Progress
  • Part 3: Understanding Trade
  • Part 4: Trust, Agency, and Bystanders
  • Part 5: Management of a Commercial Society
  • Part 6: Personal and Business Finance
  • Part 7: Innovation and Entrepreneurship
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