The study of human interaction, the emergent nature of markets and civil society, and the possibilities and problems of society and its institutions has occupied the minds of social scientists for centuries. Adam Smith, a renowned political economist and moral philosopher from the Scottish Enlightenment, not only examined markets, society, and government, but also law, morality, culture, rhetoric, education, scientific discovery, and art. In An Inquiry into the Nature and Causes of the Wealth of Nations, for instance, Smith ([1776] 1981) explored how societies became wealthy by finding ways to cooperate and avoid conflict. Economic prosperity, Smith explained, is possible because of private property, the division of labor, and our propensity to “truck, barter, and exchange,” which make specialization, trade, and subsequent increases in wealth and wellbeing possible. Similarly, in The Theory of Moral Sentiments, Smith ([1759] 1982) discusses our moral development. Specifically, he explains how our (near) universal capacity to sympathize with others and our desire to not only be praised but to be praiseworthy drives us to live moral lives and to peacefully coexist with one another.

Smith’s writings help us understand how creative but flawed human beings can live better together. Complex and thorny questions about social life, and the opportunities and challenges that varying institutions provide, animated Smith and continue to inspire those who follow in the Smithian tradition. In a world where social life continues to bring unimaginable progress as well as crises and conflict, social scientists must continue to grapple with these important ideas and ask big questions. Such questions include:

• How do markets and society work?

• What is the material, social, and moral potential of markets?

• How can free and responsible people live peacefully and productively together?

• What are the proper roles and limits of governments and civil society?

• What does effective cooperation, governance, and justice look like in large and heterogenous populations?

• How does social learning and social change take place?

• What is the role of commercial and social entrepreneurs in facilitating social learning and driving social change?

• How can societies become adaptable and resilient to political, economic, and social change?

Interdisciplinary spaces—grounded in academic frameworks that enable rigorous analysis and a variety of empirical methods—are needed to address these questions. Markets & Society, and the framework of mainline political economy as advanced through the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University, provide a space and foundation to explore these ideas.