Adam Smith believed that an economic system couldn't truly prosper unless people were taught to value the welfare of others above their own personal gain.

Question

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Smith believed that people would only work hard and create wealth if they were rewarded for doing so. Thus, self-gain is the primary source of motivation in Smith's view of the economy. Smith also pointed out that this desire for self-gain would result in the production of goods and services and the creation of jobs that would benefit others within the economy.

Adam Smith Believed That an Economic System Couldn't Truly Prosper