Explain how smith's ideas are evident in the workings of the american economy

Question

Social Studies

Guest

19 May, 01:51

Explain how smith's ideas are evident in the workings of the american economy

+2

Answers (2)

Know the Answer?

Madyson · Answer 1

His ideas and principles still serve as the basis of the free enterprise system in the US.

Miriam Douglas · Answer 2

The correct answer is the following.

Adam Smith is considered the father of modern economics for the ideas expressed in his work "The Work of Nations." Many consider him the father of Capitalism for those ideas expressed in 1776. Smith's idea that is more evident in the workings of the American economy is the concept of the free market. In a Capitalist system like the one in the United States, it is the market that controls the supply and demand of products. Another idea reflected in the US economy is the minimum regulation of the economy on the part of the federal government.