Asked by Alicia Lankford on May 05, 2024
Verified
Which statement was coined by Adam Smith?
A) By pursuing his own interest,he frequently promotes that of the society more effectually than when he really intends to promote it.
B) The factory owner,by paying his workers meager wages,is able to use this surplus to buy more capital goods.
C) The foundation of our economic system is socialist ownership of the means of production in the form of state property and collective farm and cooperative property.
D) None of these statements were coined by Adam Smith.
Society Interest
The collective welfare and interests pursued by a community or society, often reflecting common goals or concerns such as public safety, education, and economic prosperity.
Own Interest
Refers to the personal gain or benefit that individuals or organizations seek in various activities or decisions.
- Acquire knowledge about the impact of Adam Smith's ideologies and the notion of the invisible hand.
Verified Answer
TA
Tyrecia AndersonMay 10, 2024
Final Answer :
A
Explanation :
This statement, known as the "invisible hand" concept, was coined by Adam Smith in his book "The Wealth of Nations". Option B and Option C do not align with Smith's ideas, and Option D is incorrect as statement A was indeed coined by Adam Smith.
Learning Objectives
- Acquire knowledge about the impact of Adam Smith's ideologies and the notion of the invisible hand.
Related questions
The Invisible Hand Is
Competition,according to Adam Smith,would Lead to Consumers Receiving the Best ...
___________ Said That a Person Pursuing His Own Interest,frequently Promotes ...
In 1776, What Did Political Philosopher Adam Smith Observe About ...
The Scottish Political Economist and Moral Philosopher Adam Smith Argued ...