THE INVISIBLE HAND OF THE MARKET

Jun 29th, 2015
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University of Puerto Rico - Rio Piedras Campus
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Smith argued that if people are naturally good and kind, a market economy offers them a great deal of economic freedom to carry out their good deeds, backed up by an efficient system of production which generates more material goods and services.

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Engleza pentru afaceriUNIT 7: "THE INVISIBLE HAND OF THE MARKET"I. Read and learn:"By following their self-own interest in open and competitive markets, consumers, producers and workers are led to use their economic resources in ways that have the greatest value to the national economy - at leas in terms of satisfying more of people's wants. The first person to point out this fact in a systematic way was the Scottish philosopher Adam Smith, who published his most famous book An Inquiry into the Nature and Causes of the Wealth of Nations, in 1776. Smith was the first great classical economist, and among the first to describe how an economy based on a system of market could promote economic efficiency and individual freedom, regardless of whether people were particularly industrious or lazy.Smith argued that if people are naturally good and kind, a market economy offers them a great deal of economic freedom to carry out their good deeds, backed up by an efficient system of production which generates more material goods and services for them to use in doing those good works. But what if people are selfish, greedy or lazy?Anyone who wants to enjoy more of the material goods and services produced in a market economy faces strong economic incentives to work hard, spend carefully, save and invest. And most successful businesses have to produce good products, sell them at market prices, pay their employees market wages, and treat their customers courteously -even if that is

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