1. Explain Adam Smith's ideas about human self-interest and the invisible hand. Do you agree with...
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1. Explain Adam Smith's ideas about human self-interest and the "invisible hand." Do you agree with him? Explain. 2. What did Adam Smith mean by the phrase "wealth of nations"? 3. Compare Adam Smith's "free market mechanism" with mercantilism. 4. What economic problems was Smith addressing in his day? What economic problems face modern society? 5. Do you think Adam Smith would agree or disagree with the following government interventions in the economy today? Why or why not? • anti-monopoly laws child-labor laws • minimum-wage laws • inheritance taxes • Social Security North Atlantic Free Trade Association (NAFTA) 1. Explain Adam Smith's ideas about human self-interest and the "invisible hand." Do you agree with him? Explain. 2. What did Adam Smith mean by the phrase "wealth of nations"? 3. Compare Adam Smith's "free market mechanism" with mercantilism. 4. What economic problems was Smith addressing in his day? What economic problems face modern society? 5. Do you think Adam Smith would agree or disagree with the following government interventions in the economy today? Why or why not? • anti-monopoly laws child-labor laws • minimum-wage laws • inheritance taxes • Social Security North Atlantic Free Trade Association (NAFTA)
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1 Adam Smiths ideas about human selfinterest and the invisible hand are central to his theory of capitalism outlined in The Wealth of Nations Smith argued that individuals pursuing their own selfinter... View the full answer
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