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Practice Listening: Fill in the Blanks (Type In)
ID: #4701
Short
Economics
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Adam Smith, referred to by many as the inventor of modern economics, is often as a hero of free-market capitalism. Yet the Scotsman's ideas are not necessarily compatible with those by many of today's capitalists. Smith's 'invisible hand' theory, for instance, is generally interpreted to mean that individual selfishness is always beneficial to society and that all government intervention should be avoided. However, this was not central to Smith's writings and was touched on only briefly in his most successful book, The Wealth of Nations. In it, he describes the economy of eighteenth-century Europe against a of history and politics; his concern was for the development of contemporary society as a whole. In fact, he advocated government intervention in several important areas, including in a state's infrastructure and as a means of innovation.
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