1. Division of Labor
... believe that in a laissez-faire economy the impulse of self-interest would bring about the public welfare. Smith was opposed to monopolies and the concepts of mercantilism in general but he favored some restrictions to free trade, such as the Navigation Acts, as sometimes necessary national economic weapons in the existing state of the world. Smith identified self-interest as the ... basic economic force and, through his analysis of the division of labor and his comprehensive study of the development of economic institutions in the ... West, established economics as a major area of stud...
- Word Count: 451
- Approx Pages: 2
- Grade Level: Graduate