The philosophy of free markets - Deepstash

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The philosophy of free markets

  • Adam Smith advocated for reducing the role of government intervention and taxation in free markets, but he saw the government as responsible for a country's education and defence sectors.
  • From Smith comes the idea of the "invisible hand" that guides the forces of supply and demand and competition in an economy.
  • For Smith, an institutional framework is necessary to steer humans toward productive pursuits that benefit society. The framework consists of institutions like a justice system that protect and promote free and fair competition.

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MORE IDEAS FROM THE SAME ARTICLE

Adam Smith was an 18th-century Scottish economist, philosopher, and author. He is considered the father of modern economics.

Adam Smith's work discusses the evolution of human society.

  • In his first book, "The Theory of Moral Sentiments", Smith proposed the idea of an invisible hand - the tendency of free markets to regulate themselves through competition, supply and demand, and self-interest.
  • He is known for creating the gross domestic product (GDP) concept and h...

The ideas in "The wealth of nations"(Adam Smith) provided the seed for the concept of GDP and altered the importing and exporting business.

Adam Smiths' ideas in "The wealth of nations" were a motivating factor in the evolution from land-based wealth to wealth created by assembly-line production methods that included labour division.

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