1.1 — The Smithean View of Trade: Divison of Labor — Class Notes

Required Readings:

• NONE

Recommended Readings:

• Smith (1776), Wealth of Nations, Book I, Chs. 1-3
• Munger (2007), “I’ll Stick With These: Some Sharp Observations on the Division of Labor”
• Bauer (2000), “From Subsistence to Exchange”
• TED Talk: Thomas Thwaites: How I Built a Toaster From Scratch"
• YouTube: How to Make a $1500 Sandwich in Only 6 Months"