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Freakonomics Radio

527. Can Adam Smith Fix Our Economy?

Freakonomics Radio

Freakonomics Radio + Stitcher

Society & Culture, Documentary

4.632K Ratings

🗓️ 22 December 2022

⏱️ 49 minutes

🧾️ Download transcript

Summary

Labor exploitation! Corporate profiteering! Government corruption! The 21st century can look a lot like the 18th. In the final episode of a series, we turn to “the father of economics” for solutions. (Part 3 of “In Search of the Real Adam Smith.”)

Transcript

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0:00.0

John Yule is an actor who lives in Cricoddy, Scotland.

0:06.9

If you watch a lot of British TV dramas, you may have seen him playing a doctor or a hotel

0:12.5

manager, a police sergeant, but lately he's been moving away from acting.

0:17.5

I've written two plays and I'm writing another one.

0:21.0

One of those two plays is about Andrew Carnegie, who made his fortune in America but grew up

0:25.8

nearby in Dunfermland.

0:28.0

The other play called The Invisible Hand is about Adam Smith, who is often called the founder

0:33.2

of modern economics.

0:35.2

He grew up just down the street from where John Yule lives.

0:38.5

He's from here and I always thought there was a story in it and Cricoddy doesn't do enough

0:46.8

to perpetuate the greatness of Adam Smith.

0:51.3

That is changing.

0:52.7

Cricoddy is preparing to celebrate the 300th anniversary of Adam Smith's birth.

0:58.3

The church where he was baptized is being restored.

1:01.0

There are plans for a museum and cultural center.

1:04.4

John Yule doesn't blame his neighbors for not caring enough about Adam Smith.

1:09.2

He didn't really care either until he started working on his play.

1:13.6

I was aware of Adam Smith but not entirely of his legend of his contribution to economics

1:20.8

really and to philosophy.

1:23.5

I knew about it but as most people you would find actually don't know.

1:28.9

They know about the wealth of nations and they know that Margaret Thatcher, the enemy,

1:34.4

always had a copy of wealth of nations the legend goes in her handbag.

...

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