Adam Smith in The Wealth of Nations asserted that the pursuit of self interest by competitive firms

Question:

Adam Smith in The Wealth of Nations asserted that the pursuit of self interest by competitive firms promoted the interests of society. What did he mean by this?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Essentials of Economics

ISBN: 978-1259235702

10th edition

Authors: Bradley Schiller, Karen Gebhardt

See More Books

Question Posted: Aug 30, 2017 11:50 PM

See More Questions

In The Wealth of Nations, Adam Smith wrote, Every individual endeavors to employ his capital so that its produce may be of greatest value. He generally neither intends to promote the public interest,...
In the Wealth of Nations, Adam Smith said that one reason specialization makes someone more productive is because a man commonly saunters a little in turning his hand from one sort of employment to...
In The Wealth of Nations, Adam Smith discussed what has come to be known as the "diamond and water paradox": Nothing is more useful than water: but it will purchase scarce anything; scarce anything...
1. Draw a flow chart for the following process You are approaching a local bank for getting an educational loan and draw a flow chart with all the process in detail and the decision node that you can...
A continuous-time filter with impulse response h c (t) and frequency-response magnitude is to be used as the prototype for the design of a discrete-time filter. The resulting discrete-time system is...
Find the transfer function Vo /Vi of the RC circuit in Fig. 14.68. Express it using o Ï = 1/RC. Figure 14.68 v,(t) v.(t)
Mr. Smith wants to buy a car and is deciding between brands A and B. Car A costs $\$ 20,000$, and Mr. Smith estimates that at the rate he drives he will sell it after 2 years and buy another of the...
A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the employee seeks assistance in...
At the end of the first year of operations (December 31, 2021), the following financial data for APEC Aerospace Corporation are available: Accounts Payable Accounts Receivable Cash $ 33,630 10,000...
Identify the different components of e-business described in this speech and assess their relative impact on the organization.
What industries do you regard as being highly competitive? Can you identify any barriers to entry in those industries?
According to the News Wire "Competitive Markets," how many catfish farms exited the industry in 2002-2008? What did they then do? Was this socially desirable?
Little Chicken Co. produces and sells restaurant equipment. On the first day of its fiscal year, Little Chicken Co. issued $27,500,000 of five-year, 8% bonds at an effective interest rate of 10%,...
A couple has just purchased a home for $447,500.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.52% APR with monthly...
Emily owns a flower shop. Their monthly revenue is usually constant, except in the month of May, they made arrangements for a large wedding. In the month of February, there was a major snowstorm that...
1. What is the biggest challenge for social workers to do group work with oppressed, marginalized, or colonized people? What inspires social workers? 2. Explain principles of non-Western healing...
What are the sex-specific differences in hormonal regulation of reproductive function, metabolism, and behavior, and how do these differences contribute to sexual dimorphism in health and disease?
Accounting for pension and post-employment benefits is a complex area of financial reporting, requiring companies to accurately measure and disclose their obligations to current and former employees....
Andeo Corporation purchased a truck at the beginning of 2020 for $48,000. The truck is estimated to have a residual value of $3,000 and a useful life of 275,000 km. It was driven for 52,000 km in...
(a) Prove that form an orthonormal basis for R3 for the usual dot product. (b) Find the coordinates of v = (1, 1, 1)T relative to this basis. (c) Verify formula (5.5) in this particular case. 48-65...
What is the significance of resource pricing? Explain how the factors determining resource demand differ from those determining product demands. Explain the meaning and significance of the fact that...
What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity or the location of the demand for resource C, which is being used to produce...
Why is a firm in a purely competitive labor market a wage taker? What would happen if it decided to pay less than the going market wage rate?
All scheduled presentations and events will take place in the Main Conference Room, 1st Floor. Time February 25 Registration Guide to the Job Fair Rsum Writing Lunch (refreshments served) The...
You have work experience in the human resource management field. You want to further understand what factors make a project successful. You are particularly interested in employee selection and...
How many defects must a unit have in order to be defined as a defective unit?

Adam Smith in The Wealth of Nations asserted that the pursuit of self interest by competitive firms

Question:

Step by Step Answer:

In attempting to obtain the highest return on resources businesses will seek out mark...View the full answer

Essentials of Economics

Students also viewed these Economics questions