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Understanding Economic Philosophies: Adam Smith and Laissez-faire Capitalism

Explore Adam Smith's natural laws of economics and the concept of laissez-faire capitalism. Learn about the beliefs of Smith, Malthus, and Ricardo in shaping economic policies.

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Understanding Economic Philosophies: Adam Smith and Laissez-faire Capitalism

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  1. Question 1 • What is an economic policy of letting owners of industry and business set working conditions without interference? • A. Capitalism • B. Laissez faire • C. Utilitarianism • D. Socialism

  2. Question 2 • Which philosopher felt that government should not interfere with business and the economy would prosper? • A. Karl Marx • B. Jane Addams • C. Andrew Carnegie • D. Adam Smith

  3. Question 3 • Which of the following is not considered part of Adam Smith’s natural laws of economics? • A. The law of the dollar • B. The law of self interest • C. The law of competition • D. The law of supply & demand

  4. Question 4 • What is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit? • A. Capitalism • B. Laissez faire • C. Utilitarianism • D. Socialism

  5. Question 5 • Who believed that without war and disease most people would be poor? • A. David Ricardo • B. Adam Smith • C. Karl Marx • D. Thomas Malthus

  6. Philosophers Adam Smith • Laissez-faire Economics • French economic philosophers • Believed that government should not interfere with business and the economy would prosper. • Smith believed economic liberty guaranteed economic progress.

  7. Smith’s Arguments3 Natural Laws of Economics • 1. The law of self interest • People work for their own good • 2. The law of competition • Competition forces people to make a better product • 3. The law of supply and demand • Enough goods would be produced at the lowest possible price to meet demand in a market economy

  8. Smith’s Ideas • Supported by British economists Thomas Malthus and David Ricardo • Formation of laissez-faire capitalism • What is Capitalism? • An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit

  9. Malthus Argument Thomas malthus • Wrote An Essay on the Principle of Population • Population has a tendency to increase more quickly than the available food supply. • Without wars, disease and epidemics most people would be poor

  10. Ricardo Argument David ricardo • Pinciples of Political Economy & Taxation • Poor will continue to be poor • Believed in a market system • Wages would be lower as population increases

  11. Question 1 • What is an economic policy of letting owners of industry and business set working conditions without interference? • A. Capitalism • B. Laissez faire • C. Utilitarianism • D. Socialism

  12. Question 2 • Which philosopher felt that government should not interfere with business and the economy would prosper? • A. Karl Marx • B. Jane Addams • C. Andrew Carnegie • D. Adam Smith

  13. Question 3 • Which of the following is not considered part of Adam Smith’s natural laws of economics? • A. The law of the dollar • B. The law of self interest • C. The law of competition • D. The law of supply & demand

  14. Question 4 • What is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit? • A. Capitalism • B. Laissez faire • C. Utilitarianism • D. Socialism

  15. Question 5 • Who believed that without war and disease most people would be poor? • A. David Ricardo • B. Adam Smith • C. Karl Marx • D. Thomas Malthus

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