Which of the following scenarios would best exemplify Adam Smith's view of best serving the interests of society?
A) Individuals are selected to fill certain positions within the economy of their nation according to the needs of the nation as a whole.
B) Markets are carefully regulated to ensure that all individuals within a nation are treated fairly and charged standardized prices.
C) A country only has a limited amount of space for college students and uses a type of lottery system to determine who gets these spaces.
D) Government scarcely exists in this country, and transactions are based on a system of barter, or trading goods, for other goods.
E) Individuals in the country may pursue their own economic gain and self-interest by doing whatever is best for them.

Question

Quizplus · Accepted Answer

Adam Smith believed that the best way to serve the interests of society was through the pursuit of individual self-interest. He argued that an economic system based on individuals pursuing their own self-interest would ultimately result in the greatest benefit for society as a whole. In a system where individuals are free to pursue their own interests, they will naturally seek out the most efficient and productive ways to produce goods and services, leading to increased innovation and economic growth. Therefore, choice E is the best example of Adam Smith's view of best serving the interests of society.

Which of the Following Scenarios Would Best Exemplify Adam Smith's