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Father Knows Best: Using Adam Smith to Teach Transactions Costs

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  • Brandon Dupont

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.

Suggested Citation

  • Brandon Dupont, 2014. "Father Knows Best: Using Adam Smith to Teach Transactions Costs," The Journal of Economic Education, Taylor & Francis Journals, vol. 45(4), pages 320-329, December.
    • Handle: RePEc:taf:jeduce:v:45:y:2014:i:4:p:320-329
    DOI: 10.1080/00220485.2014.955439
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    References listed on IDEAS

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    1. Jeffrey T. Young, 1997. "Economics as a Moral Science," Books, Edward Elgar Publishing, number 842.
    2. Smith, Vernon L. & Wilson, Bart J., 2014. "Fair and Impartial Spectators in Experimental Economic Behavior," Review of Behavioral Economics, now publishers, vol. 1(1-2), pages 1-26, January.
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    Cited by:

    1. Marie Briguglio & Charity-Joy Acchiardo & Dirk Mateer & Wayne Geerling, 2020. "Behavioral economics in film: Insights for educators," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 4(1), pages 17-28, December.

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