Adam Smith (1776)claimed that less governmental regulation,not more,would provide incentives for individuals to allocate resources efficiently,specialize and trade.Specialization and trade would generate wealth and result in economic growth and development.

Question

Quizplus · Accepted Answer

This statement accurately reflects Adam Smith's beliefs as outlined in his book "The Wealth of Nations". Smith believed that individuals acting in their own self-interest, without government interference, would lead to a beneficial outcome for society as a whole. This concept is commonly referred to as laissez-faire economics.

Adam Smith (1776)claimed That Less Governmental Regulation,not More,would Provide Incentives