Chapter

The market, laissez-faire and welfare

Vic George

in Major thinkers in welfare

Published by Policy Press

Published in print April 2010 | ISBN: 9781847427069
Published online March 2012 | e-ISBN: 9781447302728 | DOI: http://dx.doi.org/10.1332/policypress/9781847427069.003.0008
The market, laissez-faire and welfare

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This chapter talks about Adam Smith, who believed that a creative operation of the market was enough to produce the economic growth that was needed to satisfy the needs of everyone, as well as the demand for luxuries. Smith is also known as the founder of economics, but his theoretical structure was based on a value system that was concerned with human nature. The chapter takes a look at Smith's ideas on the division of labour, laissez-faire, the invisible hand of the market, wealth and wages, poverty and slavery. The role of the government and the principles of public administration are also considered.

Keywords: Adam Smith; economic growth; demand; luxuries; theoretical structure; value system; laissez-faire; public administration; division of labour

Chapter.  11413 words. 

Subjects: Comparative and Historical Sociology

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