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The economy of a country will not prosper more if the government does not interfere with economic affairs.
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Who advocated the theory of laissez faire?
Adam Smith
Who said division of labor is a concept advocated by?
Adam Smith
What were Adam smith's ideas about the free enterprise system?
Adam Smith advocated an entirely free market. That is, no regulation of any sort to businesses, permitting monopolies, businesses agreeing to fix prices, trusts, etc.
What did Adam Smith support?
Adam Smith supported free markets and the idea of laissez-faire economics. He believed that individuals pursuing their own self-interest would lead to the overall prosperity of society. Smith argued against government intervention and advocated for limited regulation and taxation.
How was Alexander Hamilton influenced by Adam smith?
In his book The Wealth of Nations, Smith stated that industry and commerce, not just farming, were the most important sources of wealth. He also advocated free enterprise.
Who is referred to as the father of economics?
John Maynard Keynes
What enonmic idea did the us adopt from Adam smith?
Adam Smith was the first to introduce Laissez-faire capitalism. This is a policy that states that government should not run economic affairs.
What did Adam smith believe would result from the combination of capitalism and a laissez faire policy?
an investment of capital
Karl Marx would have agreed with Adam Smith?
Karl Marx and Adam Smith had different views on capitalism. Marx criticized Smith's ideas for promoting inequality, exploitation, and class struggle. Marx believed in the abolition of private ownership of property and the means of production, while Smith advocated for free markets and individual self-interest.
Examine adam smith understanding of laissez-faire economic policy and its exceptions?
Adam Smith, often regarded as the father of modern economics, advocated for laissez-faire economic policy, emphasizing minimal government intervention in markets to allow the forces of supply and demand to operate freely. He believed that this approach would lead to greater efficiency and wealth generation. However, Smith acknowledged exceptions to this principle, particularly in cases of public goods, monopolies, and situations where market failures occurred, indicating that government intervention might be necessary to promote fairness and protect societal interests.
What statement would Adam smith most likely agree to?
Government should follow a laissez-faire policy.
What statement would Adam smith most likely agree?
Government should follow a laissez-faire policy.
