"Adam Smith discovered a remarkable property of a competitive market economy. Under perfect competition and with no market failures, markets will squeeze as many useful goods and services out of the available resources as is possible. But where monopolies or pollution or similar market failures become pervasive, the remarkable efficiency properties of the invisible hand may be destroyed."
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Classical economistsAcademics from ScotlandPhilosophers from ScotlandEconomists from ScotlandSociologists from Scotland
Original Language: English
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Sources
Paul Samuelson and William Nordhaus, Economics (19th ed., 2009), Chap. 2 : The Modern Mixed Economy
https://en.wikiquote.org/wiki/Adam_Smith
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Adam Smith
1723 – 1790
schottischer Moralphilosoph und Ökonom
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