Since the post I'm responding to seems to be drawing negative attention, I'd like to make clear: I do respect Graeber, and think that his work on the origins of money in particular are far more credible than that suggested by Smith.
Smith does best where he comments on that which he can observe directly. He's weak on ancient history and what we'd now call archeology and anthropology (Graeber's own specialisation), as well as on contemporary conditions he'd not directly witnessed --- the American Colonies, again, or China, come to mind.
But in observing and commenting on actual trade, commerce, and politics of his own time and place, there's a great deal of wisdom. His commentary on prices suggests to me a number of classes of goods & services (commodities, assets, rents, wages, skilled / privileged work, public goods, capital stock) with distinct pricing tendencies, some of which behave poorly in open markets. His commentary on the components of wages is excellent (I've mentioned this numerous times over the years on HN). His commentary on the practices of privately chartered companies operating as empires and armies abroad are telling (and little commented on by the usual vociferous "champions" of Smith).
It's useful to keep in mind that all authors and authorities have their strengths and weaknesses. The one shouldn't blind us to the other, either way.
(Graeber also has his ... excessive enthusiasms, I'll put it. But he's also intelligent, a keen observer, and doesn't fall slave to orthodoxies and convention.)
Smith does best where he comments on that which he can observe directly. He's weak on ancient history and what we'd now call archeology and anthropology (Graeber's own specialisation), as well as on contemporary conditions he'd not directly witnessed --- the American Colonies, again, or China, come to mind.
But in observing and commenting on actual trade, commerce, and politics of his own time and place, there's a great deal of wisdom. His commentary on prices suggests to me a number of classes of goods & services (commodities, assets, rents, wages, skilled / privileged work, public goods, capital stock) with distinct pricing tendencies, some of which behave poorly in open markets. His commentary on the components of wages is excellent (I've mentioned this numerous times over the years on HN). His commentary on the practices of privately chartered companies operating as empires and armies abroad are telling (and little commented on by the usual vociferous "champions" of Smith).
It's useful to keep in mind that all authors and authorities have their strengths and weaknesses. The one shouldn't blind us to the other, either way.
(Graeber also has his ... excessive enthusiasms, I'll put it. But he's also intelligent, a keen observer, and doesn't fall slave to orthodoxies and convention.)