In the book, Wealth of Nations, Adam Smith believes the government should not control economic activity but should take more of a laissez-faire outlook. He believes that the economy can run by itself without external interference. The main concept that keeps the economy flowing is man's natural ability to exchange and trade. This human instinct ultimately leads to a division of labor, a work force. Adam Smith describes the causes of increased productivity, value and …
showed first 75 words of 1105 total

showed last 75 words of 1105 total
…course and it will be successful because it is in the nature of man to create a positive economic scenario. Concepts such as causes of increased productivity, value and price, wages, and rent all determine the economic situation and must be judged by economic efficiency and justice. Smith presents the reader with solid examples in all subjects and proves that a laissez-faire concept of the economy is the most efficient way to control the economy.