Asked by Danyelle Nicole on Sep 26, 2024
Verified
According to Adam Smith, the public interest was served by individuals pursuing their own self-interests.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his theories on free market economies and the concept of "the invisible hand."
Public Interest
The welfare or well-being of the general public and society as a whole.
- Acquire knowledge of the link between ethical operations in business, economic gains, and obligations to society.
Verified Answer
AJ
Amrit Jaswal1 day ago
Final Answer :
True
Explanation :
Adam Smith famously argued in his book "The Wealth of Nations" that when individuals are free to pursue their own self-interests, the resulting competition and innovation benefits society as a whole, leading to economic growth and prosperity. This idea is often referred to as the "invisible hand" of the market, whereby the pursuit of self-interest by individuals ultimately benefits the public interest.
Learning Objectives
- Acquire knowledge of the link between ethical operations in business, economic gains, and obligations to society.