Tagged: adam smith

opportunity cost

Intro to Econ: Opportunity Cost

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output....

adam smith

Adam Smith In 2016 Presidential Politics

The Wealth of Nations by Adam Smith is the accepted rationale for a free-market economy. Smith’s key insight was that individuals working in their own interests are led by “an invisible hand to serve public interest” benefiting the broader society. As a liberal-progressive capitalist, I believe that while on the...