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What is the means of increasing wealth as per Adam Smith?

What is the main weakness of the wealth definition of economics?

Sagot :

GinnyAnsweridn

Final answer:

Wealth definition and Adam Smith's views on increasing wealth in economics.


Explanation:

Wealth according to classical liberal theory is seen as the accumulation of resources and assets that can be used to create value or generate income.

Adam Smith argued in his book 'The Wealth of Nations' that wealth can be increased through free-market approaches where individuals pursue their self-interest, leading to overall economic growth and prosperity.

The main weakness of the wealth definition in economics is that it may not fully account for intangible assets or the sustainability of wealth creation beyond material goods.


Learn more about Wealth definition and economic growth here:

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