Wednesday, May 6, 2020
Adam Smith Questions Free Essays
Which of he following does Adam Smith advocate? â⬠¢The pursuit of self-interest ? According to Adam Smith in a ââ¬Ëlaissez faireââ¬â¢ economy each member will try to pursue and maximize his own self-interest â⬠¢Import of restrictions to protect the domestic market ? Adam Smith believes in a free market economy and would disapprove of restrictions, even in the name of protection. â⬠¢Private armies to protect the domestic market ? /? Adam Smith advocates the protection of the domestic market through an army, though I doubt he meanââ¬â¢s a private army. I believe he only supports an army that is owned and controlled by the public/the citizens. We will write a custom essay sample on Adam Smith: Questions or any similar topic only for you Order Now â⬠¢A legal system to safeguard internal peace and justice ? Adam Smith supports the ââ¬Ëlaissez faireââ¬â¢ system which states that the government or state should interfere as little as possible in the trading activities between people, as that would only harm trade. â⬠¢Government subsidies for the transport of infrastructure ? Adam Smith seeââ¬â¢s this as another duty of the government to grant subsidies for the sake of transport and infrastructure. 2. What, according to Adam Smith, is the driving force of the economy? Adam Smith defined the factors of production as land, labor and capital. He also said that the economy was made up of individual transactions, and that buyers and sellers were looking out for their own self-interest, which was the driving force of every economy. Smith posed the idea of competition as well, and the ââ¬Å"Invisible Handâ⬠theory which dealt with competition, self-interest and protecting the consumer from government intervention. 3. Show how individuals who pursue self-interest mayâ⬠¦ a)contribute to general economic prosperity(success); How to cite Adam Smith: Questions, Papers
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