Which of the following statements is true of Adam Smith's concept of self-interest?
A)He argued that a person's self-interest was determined by the government.
B)He assumed that people are motivated by self-interest for economic gain.
C)He suggested that employees are least productive when motivated by self-interest.
D)He emphasized that a person's self-interest is not based on his or her individual goals.

Question

Quizplus · Accepted Answer

Adam Smith, a key figure in the Scottish Enlightenment and often considered the father of modern economics, posited that individuals acting in their own self-interest would, through the operation of a free market, contribute to the economic well-being of society as a whole. This concept is encapsulated in his famous work, "The Wealth of Nations," where he explains how self-interest in trade and business leads to the efficient allocation of resources.

Which of the Following Statements Is True of Adam Smith's