Question

Briefly explain economist Adam Smith's positions on these three subjects: the

Answer 1

Economist Adam Smith's position on the freedom of markets, the true source of wealth, and the division of labor is captured in his seminal thesis, the Wealth of Nations.

What was Adam Smith's position on these issues?

Freedom of markets:

Adam Smith postulated that markets should be free and not regulated because the free market mechanism ensures stability and prosperity for all.

The true source of wealth:

Adam Smith noted that the true source of wealth of any nation is a free enterprise nurtured on self-interest.

Division of Labor:

Adam Smith contended that division of labor ensured mutual interdependencies and is only limited by the extent of the market.

Thus, given Adam Smith's position on these subjects, he promoted Self-interest, division of labor, free enterprise, and the operation of the market mechanism of demand and supply.

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