Which of the following scenarios would best exemplify Adam Smith's view of best serving 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 standardised prices.
C) A country only has a limited amount of space for college students and uses a type of lottery system to determine who gets these spaces.
D) Government scarcely exists in this country, and transactions are based on a system of barter, or trading goods, for other goods.
E) 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 best serving the interests of society is that individuals in the country may pursue their own economic gain and self-interest by doing whatever is best for them. He believed that this pursuit of self-interest would lead to economic growth and innovation, which would ultimately benefit society as a whole. This philosophy is often referred to as the "invisible hand" of the market.

Which of the Following Scenarios Would Best Exemplify Adam Smith's