In his famous book The Wealth of Nations,
Adam Smith stated: “It is not from the benevolence of the butcher, the brewer,
or the baker that we expect our dinner, but from their regard to their own
interest. We address ourselves, not to their humanity but to their self-love,
and never talk to them of our own necessities but of their advantages.”
What do you think Adam Smith meant in this statement? Try to use concepts seen in this unit such as specialization, mutual gains from trade, market coordination, etc in your interpretation.
What do you think Adam Smith meant in this statement? Try to use concepts seen in this unit such as specialization, mutual gains from trade, market coordination, etc in your interpretation.
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