Macroeconomics
Question Description
Adam Smith, who first introduced the concepts of modern economics in 1776 in his book The Wealth of Nations, stated, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.”
To complete the Discussion activity, write a post that answers the following questions:
- Consider your opinions on the same topics, and write a discussion post that answers the following questions:
- Analyze each of Smith’s three conditions in terms of economic tools you have learned thus far in this course.
- For each condition, analyze its presence or absence in today’s society.
- Describe two additional conditions you think are necessary to promote growth.
Economic tools such as Fundamental Economic Principles, Roles of Economists, Supply and Demand, Specialization and Trade, Government Intervention and Market Efficiency, Market Participants and Market Efficiency, Taxation, Macroeconomic Data, and Economic Growth.
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