Quote by VERNON L. SMITH - Deepstash
VERNON L. SMITH

The Theory of Moral Sentiments and Wealth of Nations together encompass one behavioral axiom, “the propensity to truck, barter, and exchange one thing for another,” where the objects of trade […] include not only goods, but also gifts, assistance, and favors out of sympathy […] whether it is goods or favors that are exchanged, they bestow gains from trade that humans seek relentlessly in all social transactions.

VERNON L. SMITH

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“An idea is something that won’t work unless you do.” - Thomas A. Edison

The “Theory of Moral Sentiments” and “Wealth of Nations” together encompass one single behavioral axiom that, broadly interpreted, is sufficient to characterize a major portion of the human social and cultural enterprise: it explains why human nature appears to be simultaneously self-regarding and other-regarding.

The idea is part of this collection:

Behavioral Economics, Explained

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