Discuss the Views of Economist Adam Smith

question 228

Essay

Discuss the views of economist Adam Smith. How does the "invisible hand" philosophy suggested by Smith benefit society as a whole?

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Definitions:

Organic Solidarity

Unity based on role differentiation, not similarity.

Role Differentiation

The process by which members of a society or group develop specialized functions, responsibilities, or social statuses.

Collective Consciousness

The set of shared beliefs, ideas, and moral attitudes which operate as a unifying force within society.

Social Institutions

Complexes of norms, values, and roles that organize social activities into stable patterns and contribute towards meeting social needs, such as family, education, and government.