Why did Adam Smith advise nations to allow their economies to remain as free as possible from government interference?
becasue of noone likes to eat black licorice, then telling people to make and offer black licorice is not a good idea.
nations flourished economically when they remain free from govt interference, naturally, almost as if there was an 'invisible hand'/
form my college classes, invisible hand was represented as being the unintended benefit of our own personal satisfactions. My ability to do farming, benefits those that need farmed stuff. But all my needs might not be able to be met by farming so I seek out others who can provide for my nonfarming needs and trade goods and services with them
Because governments tend to establish bureaucracies with excessive numbers of managers who are not necessarily qualified in the area of economics. Take a look at the postal system, AMTRAK etc.
Join our real-time social learning platform and learn together with your friends!