Much of the writings of Adam Smith are in close agreement with

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Adam Smith's writings are generally in agreement with the first fundamental theorem of welfare economics, which states that under certain conditions, a competitive market equilibrium will result in an efficient allocation of resources. Smith was a strong advocate of free markets and believed that the pursuit of self-interest by individuals would lead to the greatest overall benefit for society. He would not have supported trade restrictions, as they limit the ability of individuals to make choices in their own self-interest. The second theorem of welfare economics, which deals with the ability to achieve efficient outcomes through redistribution, is less relevant to Smith's writings.

Much of the Writings of Adam Smith Are in Close