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Adam Smith, in his famous book The Wealth Of Nationsargued that a free-market economy is largely self-regulating. He metaphorically described an "invisible hand" that brings supply and demand into balance. He also warned against the danger of economic monopolies, which prevent competition and therefore prevent the normal functioning of the invisible hand.
He advocated capitalism, but not unrestrained capitalism. He believed that while a free market leads to growth and wealth creation for all, some government regulation is necessary to prevent collusion and corruption. Unrestrained capitalism would lead to concentrations of wealth and power.
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What type of economic system did Adam smith provide?
Adam Smith was well into his beliefs that a free economy was the best economic system.
What economic system did Adam smith follow?
Free market Capitalism
Adam smith provided a philosophy for this type of economic system?
free market
In his economic system Adam Smith believed that the basic economic question should be answered by whom?
Market
What was Adam Smith's ideas serve as the basis for what type of economic system?
adoptedwrong^itscapitalism
What type of economic system did Adam smith provide?
Adam Smith was well into his beliefs that a free economy was the best economic system.
What economic system did Adam smith follow?
Free market Capitalism
Adam smith provided a philosophy for this type of economic system?
free market
Adam Smith ideas serve as the basis for what type of economic system?
Capitalism
In his economic system Adam Smith believed that the basic economic question should be answered by whom?
Market
What was Adam Smith's ideas serve as the basis for what type of economic system?
adoptedwrong^itscapitalism
What did Adam smith argue was the Natural law that governed economic relationships?
The law of supply and demand. He also coined the term "The Invisible Hand"
Merits of Adam Smith definition?
merits of defination of economic given by adam smith
Who is the father of economic?
Father of Economics is Adam Smith
Who was the father of economic?
ADAM SMITH is generally regarded as the father of economics.
Who is father of economic?
adam smith is the father of Economics.
This man's economic theory was first proposed during the American Revolution?
Adam Smith published "The Wealth of Nations" in 1776. It described a system that we would think of as "capitalism".
