Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 7, Problem 9PA
To determine
ValidatingAdam Smith’s conditions that promote
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The great 18th-century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things ' Explain how each of the three conditions Smith describes would promote economic growth.
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The great 18th- century economist Adam Smith wrote, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.”
Explain how each of the three conditions Smith describes would promote economic growth.
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Brief Principles of Macroeconomics (MindTap Course List)
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