Which of the following scenarios most accurately describes Adam Smith's view of an economic system that best serves the interests of society?
A) Individuals are selected to fill certain positions within the economy of their nation according to the needs of the nation as a whole.
B) Markets are carefully regulated to ensure that all individuals within a nation are treated fairly and charged standardized prices.
C) Government scarcely exists in this country, and transactions are based on a system of barter, or trading goods for other goods.
D) Individuals in the country may pursue their own economic gain and self-interest by doing whatever is best for them.

Question

Quizplus · Accepted Answer

Adam Smith's view of an economic system that best serves the interests of society is one where individuals are free to pursue their own economic gain and self-interest. This is because, according to Smith, the pursuit of self-interest leads individuals to act in ways that ultimately benefit society as a whole. In a system where individuals are free to pursue their own interests, competition among them leads to greater efficiency, innovation, and economic growth, which in turn benefits everyone. Therefore, choice D is the most accurate scenario that describes Smith's view.

Which of the Following Scenarios Most Accurately Describes Adam Smith's