Question

In the following statement, Adam Smith comments on the individual who uses domestic industry and labor. Use Smith's statement to answer the question below:
"...he intends only his own security... he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention... By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it."
How does Smith's view of the economy expressed in this excerpt compare to Owen's?

a) Both believe individuals acting in their self-interest will lead to economic equality.

b) Both believe individuals acting in their self-interest will lead to economic inequality.

c) Smith believes individuals acting in their self-interest will lead to the maximum social benefit, while Owens does not.

d) Owens believes individuals acting in their self-interest will lead to the maximum social benefit, while Smith does not.

Answer 1

Answer:

C. Smith believes individuals acting in their self-interest will lead to the maximum social benefit, while Owens does not.

Answer 2

Smith's view of the economy expressed in this excerpt by the third option represented above. Smith took individual issues as a basis of his ideology, so the answer is definitely c) Smith believes individuals acting in their self-interest will lead to the maximum social benefit, while Owens does not.