Adam Smith wrote that the:
A) economic problems of eighteenth-century England were caused by free markets.
B) government should control the economy.
C) pursuit of private self interest promotes the public interest in a market economy.
D) public or collective interest is not promoted by people pursuing their self interest.

Question

Quizplus · Accepted Answer

Adam Smith believed that the pursuit of self-interest, or what he called "the invisible hand," promotes economic growth and the general welfare of society in a market economy. He argued that individuals acting in their own self-interest would naturally engage in economic activities that benefit others, leading to a more prosperous society overall. Smith did not believe that government intervention was necessary for economic success, but instead advocated for free markets and limited government involvement in the economy.

Adam Smith Wrote That The