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Adam Smith

Adam Smith. Big Idea?. The Government should stay OUT of the economy! Free Enterprise Capitalist System. Stay out?. No regulations No protection for workers No control of prices No control of wages “Laissez-faire”. So what should government do?. Protect citizens from foreign invasion

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Adam Smith

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  1. Adam Smith

  2. Big Idea? The Government should stay OUT of the economy! Free Enterprise Capitalist System

  3. Stay out? • No regulations • No protection for workers • No control of prices • No control of wages “Laissez-faire”

  4. So what should government do? • Protect citizens from foreign invasion • Guard against crime within the nation • Help build infrastructure

  5. What will guide the economy? • “The Invisible Hand” • Self-Interest • Supply and Demand • Competition

  6. Self Interest? • Everyone wants to make the most…..

  7. Supply and Demand?

  8. So… • If demand is greater than the supply available… • If demand decreases for a particular item…

  9. Competition? • Competition is great! • Prices • Efficiency

  10. Is there a down side? • What if you don’t have skills needed in the economy? • What if you don’t have money or capital to buy the things that you need?

  11. How about the U.S. economy? • Do we have a Free Enterprise Capitalist system?

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