Adam Smith was pretty smart, but he got a lot of the history...

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2026-06-16T17:54:45Z

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Adam Smith was pretty smart, but he got a lot of the history wrong.

He was wrong to say that barter was typical. He didn't have access to the modern anthropological research.

He was writing in the late 1800's and was therefore, understandably, speculating on what seemed reasonable to him as he didn't have any good data to go on.

Of course, my point doesn't really address your point; you make a good point I guess. I'm just taking this opportunity to go a little off topic and ask everybody (not you, specifically) to be more nuanced in their research. Saifedean Ammous also makes embarrassing historical errors in his The Bitcoin Standard, and he doesn't have the same ignorance excuse that Smith had 😀

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