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Smith's Economy (INVISIBLE HAND :!: (Individuals Benefit Society, Add…
Smith's Economy
INVISIBLE HAND :!:
Individuals
Benefit Society
Add to economy by pursuing personal goals
Invisible because the positive effects are
completely
unintentional
Government Involvement
Government Restrictions
Devalues Labor
Weakens internal traders
Country Suffers in Long Run
Labor distribution
Pin Example
People work best when they do only a few tasks at a time
Machines assist each step of the process
One man on each of the five different steps of pin-making
Efficiency of team:
Time Management
Competence
Machines to increase output
What's the government's role?
Protect:
Physical wellbeing of citizens :smiley:
Justice
Public systems
: