Hello and welcome to the third episode of  Theory of a Week, the new weekly show from a student’s note, where we explore a new  theory-esque concept each week.This third episode explores the surprisingly modern thoughts of Adam Smith.

In this episode, we travel to 18th‑century Scotland to unpack Adam Smith’s core ideas from The Wealth of Nations: division of labour, the market mechanism, and the famous “invisible hand.” We look at how his explanation of England’s prosperity through specialisation and productivity still underpins modern microeconomics, and how his account of prices gravitating towards a “natural price” anticipates today’s supply‑and‑demand models.

At the same time, we explore Smith’s critical side: his worries about the dark side of specialisation, the risk of deskilling and alienation, and his hope that rising productivity would spread wealth through society.

If you’re interested in political economy, the history of economic thought, or just want to understand what the “invisible hand” really means (and doesn’t mean), this episode is for you.

Let’s get started.

Chapters

* Introduction

* England’s Prosperity

* Virtues of Division of Labour

* The Invisible Hand

* Exploring the Market Mechanism

* The Problematisation of Specialisation & Social Inequality

Music credits

Music track: Daydreams by PufinoSource: https://freetouse.com/musicMusic for Video (Free Download)

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit astudentsnote.substack.com