Influences on Adam Smith's Economic Thought

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What were the three important factors that influenced Adam Smith's economic thought?

Philosophers, government policies, and inventions

Predecessors, clubs and travels, and economic and political conditions (correct)

Family influence, personal experiences, and educational background

Religious beliefs, social etiquette, and cultural traditions

Which economist(s) influenced Adam Smith's views on the advantage of large population?

Petty, North, child, Tucker, and Cantillon (correct)

Quesnay and Turgot

Francis Hutcheson

David Hume

From whom did Adam Smith borrow ideas on public finance and canons of taxation?

Petty (correct)

David Hume

Francis Hutcheson

Quesnay and Turgot

What did the clubs which Adam Smith joined at Glasgow and Edinburgh discuss?

Questions of economic importance Signup and view all the answers

During his travels with the Duke of Buccleuch, Adam Smith had an opportunity to meet which famous group of scholars?

Physiocrats and other scholars Signup and view all the answers

Who influenced Adam Smith regarding division of labour, changes in the value of money, taxation etc.?

Francis Hutcheson Signup and view all the answers

What influenced Adam Smith's views and ideas during the later part of the 18th century?

Large agricultural estates and population growth Signup and view all the answers

What principle guided Adam Smith's philosophical ideas underlying his economic thinking?

Self-interest Signup and view all the answers

According to Adam Smith, what would motivate individuals to promote the general good?

Self-love and the desire to be free Signup and view all the answers

What did Adam Smith believe was behind all human motives?

An Invisible Hand Signup and view all the answers

What were the only three functions Adam Smith assigned to the Government?

Defence, administration of justice, maintenance of public works and institutions Signup and view all the answers

In economic matters, what did Adam Smith support due to his belief in the natural balance of motives?

Freedom and Laissez-faire doctrine Signup and view all the answers

According to Adam Smith, what created a great natural community in the economic world?

Division of labor Signup and view all the answers

What did Adam Smith believe was the spontaneous origin of economic institutions?

'An Invisible Hand' Signup and view all the answers

According to Adam Smith, what was behind the effectiveness of natural balance of motives in economic matters?

'An Invisible Hand' Signup and view all the answers

What did Adam Smith consider as one of his masterpieces that contained his philosophical ideas underlying economic thinking?

'Wealth of Nations' Signup and view all the answers

Influences on Adam Smith's Economic Thought

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