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Question
Discuss the views of economist Adam Smith. How does the "invisible hand" philosophy suggested by Smith benefit society as a whole?
Adam Smith believed in a free-market system (also called capitalism). Smith favored a system characterized by private ownership of property, economic freedom, and individual incentives. In his view, self-interest would lead profit-seeking entrepreneurs to produce those goods most desired by consumers, and to create jobs. Thus, self-interested behavior would also serve the best interests of society as a whole. This is the central idea of the invisible hand concept. He also assumed that as people became wealthier, they would naturally seek to help the less fortunate. Smith's views suggested that the role of government in the economy would be quite limited.
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