Adam Smith in his The Wealth of Nations stated, "By pursuing his own interest he frequently promotes that of the society more effectually than when he really intended to promote it." What behavior does this notion attempt to justify?
A) collectivism
B) loyalty
C) welfare mentality
D) competitiveness
E) cooperation

Question

Quizplus · Accepted Answer

This notion justifies competitiveness. Adam Smith's statement suggests that when individuals pursue their own interests, they often contribute to the overall good of society more effectively than when they try to do so intentionally. This idea underpins the concept of the invisible hand, where individual self-interest in competitive markets leads to beneficial outcomes for society.

Adam Smith in His the Wealth of Nations Stated, "By