Adam Smith Flashcards
1
Q
What is “human nature”?
A
Looking to improve their condition
2
Q
What is the “invisible hand”?
A
We always wanna better ourself in self-interest so without knowing, that benefits the economy as a whole
3
Q
What should the role of government be?
A
Upholding three duties
1. Protection from violence/invasion from other countries
2. Justice system from hurting each other
3. Creating public institutions (basic fundamentals for the economy to function)
4
Q
How does greed/self-interest benefit society?
A
Improves society providing economic growth. (Happy with economic inequality)
5
Q
Where on the spectrum is Smith?
A
Middle
6
Q
What role is Smith?
A
Moderate
7
Q
How can society be happy according to Smith?
A
Economic Inequality
