6. How then does the desire to make more money as a baker benefit society? Adam Smith

1 answer:

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According to Adam Smith, the desire to earn more money as a baker or another profession benefits society by generating free competition and developing the market, generating lower prices, higher quality of products and services, and faster production.

<h3>Who was Adam Smith?</h3>

Born in Edinburgh in 1723, Smith was a philosopher and economist who advocated economic liberalism. For him, it should have complete economic freedom to increase private initiative.

Through his ideas based on less state intervention in private property, Adam Smith was an influencer for the development of capitalism.

Therefore, in the Enlightenment period, Adam Smith instituted ideas in support of free trade, being supported by the bourgeoisie who were against the absolutism still practiced by the kings at that time.

According to his theory, liberalism would promote economic freedom that would regulate the market through free competition.

Find out more information about Adam Smith here:

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