Do you think it is a good thing that the "industry of mankind" is not being used to supply our basic needs, but to supply "the luxuries of life?" Why or why not?

It's not a good thing the "industry of mankind" is not being used to supply our basics needs of life.

Explanation:

Adam Smith holds the ideas of capitalism on his law of self interest, he believes people do what they do not because they want to benefit others but because of their own self interests. He is of the view that that the industry of mankind doesn't supply the three major needs of mankind (food, clothes and shelter) but attends largely to the luxuries of life that has to do with styles. The industry of mankind focuses squarely on this luxuries because of the insatiable wants of humans.