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Economics
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What were Adam Smith's views about working and living together in a community?

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Mahe Alam
Mahe AlamLv10
1 Apr 2021
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Related questions

What goods to produce is determined by _____  in accordance with Adam Smith's competitive market economy?

A. "invisible hand" of government

B. "invisible hand" of the price system

C. "visible hand" of laws and regulations

D. merely decisions of producers

 

Which of the following is an important premise of Adam Smith's conclusions about economic prosperity?

A. Understanding what motivates people lead to prosperity
B. Understanding that the concept of survival of the fittest will lead to prosperity
C. Command economies and structured markets must be in place for prosperity
D. Individual freedom is necessary if a society is to prosper

Adam Smith's Theory of the Invisible Hand is often used to justify a hands-off approach to market activity. Can you give an example where government intervention in a market-led to an inefficient outcome? How about an example where government intervention improved the outcome?

I would like a reference if you can so I can learn from it too.

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