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Father Knows Best: Using Adam Smith to Teach Transactions Costs

Brandon Dupont ()

The Journal of Economic Education, 2014, vol. 45, issue 4, 320-329

Abstract: Adam Smith's moral philosophy can be used to introduce economics students to the important idea of transactions costs. The author provides a brief background in this article to Smith's moral philosophy and connects it to the costs of transacting in a way that fits easily into the standard principles of microeconomics classroom. By doing so, instructors can also demonstrate to students that there are connections between ethical behavior and market outcomes.

Date: 2014
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DOI: 10.1080/00220485.2014.955439

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Handle: RePEc:taf:jeduce:v:45:y:2014:i:4:p:320-329