Which of the following did Adam Smith see as a valid reason for creating an economy with less government regulation?
A) Wealth that resulted from early factories would result in population growth.
B) He believed that the laws of God did not permit the guilds' imposition of controls on labor.
C) He believed that free and fair competition provided the best opportunity to produce wealth.
D) Mercantilists advocated rational self-interest, which could not advance the common good.

Question

Quizplus · Accepted Answer

Adam Smith, a key figure in the Scottish Enlightenment and often known as the "Father of Economics," argued that free and fair competition, as part of a laissez-faire approach to the economy, would lead to the most efficient and beneficial outcomes for society. He believed that when individuals pursue their own self-interest within a competitive market, it results in the production of wealth and benefits for all, a concept encapsulated in his famous work, "The Wealth of Nations."

Which of the Following Did Adam Smith See as a Valid