Adam Smith at 250
https://www.project-syndicate.org/commentary/adam-smith-economic-specialization-being-reversed-and-challenged-by-ai-by-michael-spence-2025-08
Nearly 250 years ago, Adam Smith identified two potential constraints on economic specialization: the “extent of the market” and the inevitable risks. Today, the risk constraint is proving to be the more powerful, and another, more fundamental challenge to Smith’s model of specialization has emerged.
https://www.project-syndicate.org/commentary/adam-smith-economic-specialization-being-reversed-and-challenged-by-ai-by-michael-spence-2025-08
Nearly 250 years ago, Adam Smith identified two potential constraints on economic specialization: the “extent of the market” and the inevitable risks. Today, the risk constraint is proving to be the more powerful, and another, more fundamental challenge to Smith’s model of specialization has emerged.