Summarize the Economic Ideas of Adam Smith

question 4

Essay

Summarize the economic ideas of Adam Smith.How did they reflect Enlightenment optimism about human rationality? Are his views still current today?

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Definitions:

Ability

The possession of the means or skill to do something.

Benevolence

The quality of being well-meaning; kindness and generosity towards others.

Integrity

The quality of being honest and having strong moral principles, or the state of being whole and undivided.

I-P-O Model

Input-Process-Output Model, a framework used to understand how teams or systems transform inputs into outputs.