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Aspects of adam smith concept of the economy

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Reference no: EM131205638

Adam Smith is generally considered the starting point of modern economic thought, and we will identify some fundamental ideas about the capitalist market economy in his writings. Please write a comment about 250 words and address the following questions:

  • What are main aspects of Adam Smith's concept of the economy?
  • What is the "invisible hand"?
  • In addition, considering today's economic situation, please provide (i) one argument in favor oftoday's capitalist market economy and (ii)  one argument against the capitalist market economy. In other words, what do you consider as strength and weakness of the current economic system?

Reference no: EM131205638

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