Jacob Soll: History of Free Market ideas, Adam Smith, Hamilton, Cicero, Machievelli, History of Accounting

Ben Yeoh Chats

Jacob Soll is a professor of philosophy, history and accounting. His latest book is Free Market: The History of an Idea. Jake has works on the history of accounting, The Reckoning: Financial Accountability and the Rise and Fall of Nations (2014); the influence of Machiavelli, "The Prince" (2005) and Louis XIV’s First minster, Jean-Baptiste Cobert, The Information Master (2009). Jake works on accounting standards and financial transparency as well as the history of ideas.

Transcript, video and links here: https://www.thendobetter.com/investing/2022/9/24/jacob-soll-the-history-of-free-market-ideas-cicero-adam-smith-hamilton-machievelli-podcast

We discuss is better accounting can save the world by looking at externalities, natural capital and human capital better.

We chat about the central role of Cicero and stoic thought in the history of free market thinkers, and how Cicero was in this respect more influential than Aristotle.

Jake talks about how Christian thinkers, and Franciscan monks thought about free markets and also Alexander Hamilton and Machievelli.

We discuss the role of institutions in shaping thought. Jake argues for the importance of patenting ideas and if UK’s patent office gave the country an edge when the industrial revolution started.

We debate if “idea” or “dream” would be a better word to encompass the historic thinking on free markets.

We discuss the role of culture, to what extent protectionism and some tariffs helped economies develop historically.

We play underrated/overrated on: GDP as a measure, carbon tax, standardized sustainability measures, and UBI, universal basic income.

We end on Jake’s current projects and life advice. Study more serious humanities books!

Don't read easy to read books. I think they are the most destructive thing on our culture; these CEO books. “Pull up your boots and tie your shoes in the morning. Don't let the government give you eggs.” I read some of these books and I'm like, "How is this helping anybody?" Go back and read the kind of books we were reading when we were actually building big states and building things that have proved sustainable. If you don't know what they are, just go back and read great literature and great novels. What is that? Well, you can make a decision. It can come from any country. It can come from any religion, but there are great books. Over centuries I see traditional books that we've decided over time are extremely useful to us. Go back and read those. For me, it's the 19th century novel. It has become Roman and Greek philosophy. It's also become the early works of the fathers of the church which never ceased to fascinate me. The writings of William of Ockham… Those are fascinating books. Read serious books. I really think it's time to put down the Harry Potter and get challenged.