Background information: Adam Smith published The Wealth of Nations in 1776. In this passage, he discusses the principle of self-interest in a capitalist system. According to Smith, what is the primary economic motivation for most people?

Question

Social Studies

Ishaan

26 April, 15:49

Background information: Adam Smith published The Wealth of Nations in 1776. In this passage, he discusses the principle of self-interest in a capitalist system. According to Smith, what is the primary economic motivation for most people?

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Answers (2)

Know the Answer?

Davin Melton · Answer 1

Self-interest

Olivia Lozano · Answer 2

The primary economic motivation was to make more money.

Explanation:

In his book "The Wealth of Nations" in 1776, Adam Smith presented a number of economic factors which will influence individuals towards a capitalistic economy.

In his book, he emphasized the concept of laissez faire to establish a free trade system. He discusses the principle of self-interest in a capitalist system as a driving factor to prosperity. He believes that most individuals have one primary economic motivation which is to amass profit and make more money.

Smith also advocated for a free-market so that there will be availability of better employment opportunities and competition in the market.