GROWTH DEVELOPMENT CHILD
GROWTH AND DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Adam Smith
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Karl Marx
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John Locke
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Louis XVI
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Detailed explanation-1: -The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.
Detailed explanation-2: -So then, while Smith was sympathetic to laissez-faire proponents, he was not totally committed to laissez-faire economics. He was not as rigid nor as minimalistic as laissez-faire economists advocate. He did not see laissez-faire principles as absolutes.
Detailed explanation-3: -The laissez-faire theory mainly advocates government non-intervention. Economic theorist Adam Smith believed that the optimal functioning of markets needed minimal government intervention.
Detailed explanation-4: -Smith is most famous for his 1776 book, “The Wealth of Nations.” Smith’s writings were studied by 20th-century philosophers, writers, and economists. Smith’s ideas–the importance of free markets, assembly-line production methods, and gross domestic product (GDP)–formed the basis for theories of classical economics.