Question

To what extent do you think Adam Smith's analysis reflected the experiences of his own times, and to what extent did they represent universally valid observations ?

Answer 1

The correct answer to this open question is the following.

Although there are no options attached we can say the following.

I think Adam Smith's analysis reflected the experiences of his own times because he detailed observed what was going on in the economic relationships of his time and he had the talent to write a book titled "The Wealth of Nations," where he explained basic principles of the economy that are still valid in today's modern world because they represent universally valid observations that can be seen in many different countries.

Adam Smith is considered the father of modern economics for the ideas expressed in his work "The Wealth of Nations." Many consider him the father of Capitalism for those ideas expressed in 1776. Smith's idea that is more evident in the workings of the American economy is the concept of the free market. In a Capitalist system like the one in the United States, it is the market that controls the supply and demand of products. Another idea reflected in the US economy is the minimum regulation of the economy on the part of the federal government.