Asked by
Fahim Asfak
on Dec 12, 2024Verified
Adam Smith believed that if people were free to pursue their own interests,
A) public interest would be served quite well.
B) less would be produced than if altruism were the guiding principle.
C) they would generally apply their talents to unproductive activities that would generate little value to society.
D) they would have little incentive to undertake productive activities.
Adam Smith
An 18th-century Scottish economist and philosopher, widely considered the father of modern economics, best known for his works on the principles of free market and the "invisible hand" concept.
Own Interests
Actions or decisions driven by personal benefits or gains, often discussed in the context of economic behavior or political decision-making.
Public Interest
The well-being and general benefit of the community or society at large, often guiding government policy and legal decisions.
- Familiarize yourself with Adam Smith's contributions toward economics, focusing on his stance regarding self-interest and the dynamics of competitive markets.
Verified Answer
AC
Learning Objectives
- Familiarize yourself with Adam Smith's contributions toward economics, focusing on his stance regarding self-interest and the dynamics of competitive markets.