Many people believe that specialization and market activity lead to inequality. In this book, economists Sandra J. Peart and David M. Levy argue that this tension between specialization and equality is more imagined than real. They draw on the sympathetic moral philosophy of Adam Smith—suggesting that people are natural equals—to guide policy discussions that ensure specialization benefits everyone. They argue that the presumption of equal dignity allows for interventions to correct past harms and reduce substantial inequality in starting points.

Equality and Specialization revisits the ideas of Adam Smith and John Stuart Mill, suggesting that equal dignity and the capacity to learn can create harmony between specialization and its economic benefits. Chapters examine how legislative actions and cultural factors have historically exacerbated inequality, particularly through the lenses of race and gender.

The book questions whether there is a limit to individual specialization, and it explores solutions to mitigate the associated risks. Sections also highlight the importance of policy choices guided by empathy and equal dignity, offering information to support the correction of past harms while enabling equitable outcomes. Readers will gain comprehensive insights to help them understand how markets and specialization impact well-being in the real world.

Sandra J. Peart is Dean of the Jepson School of Leadership Studies, E. Claiborne Robins Distinguished Professor in Leadership Studies, and President of the Jepson Scholars Foundation at the University of Richmond. She is Past President of the International Adam Smith Society, Past President of the History of Economics Society, and President f the Society for the Development of Austrian Economics. In 2024, the History of Economics Society awarded her the Distinguished Fellow Prize for her lifetime contributions to the study of the history of economics. She was also named a Fulbright Specialist in 2024 and recently returned from Santiago, where she helped develop a philosophy, politics, and economics (PPE) program at the Universidad del Desarrollo in Santiago, Chile.

David M. Levy is Professor of Economics at George Mason University. He was named a Distinguished Fellow of the History of Economics Society in 2012. He has written or edited seven books, published more than a hundred articles in refereed journals, and contributed another sixty book chapters and reviews. Additionally, he has authored two dozen pieces for popular magazines and web columns.