1. Prior to Adam Smith's TMS (The Theory of Moral Sentiments) and WON (The Wealth of Nations), there were attempts
to make sense of the new, emerging economic system characterized by decentralized decisions involving exchange transactions in markets. What were some of these ideas that showed up in Smith's work and why were they important when Smith was able to bring them together into a vision of the market system?
Recently Asked Questions
- Assume that Perth has a single inter-connected system of natural gas pipelines owned by a recently privatised company called WEGOTGAS. Identify the ways in
- the price elastic of demand for water is a). low because it has few substitutes and allow price b) high because the price is high c) low because the price is
- The market for solar panels is perfectly competitive and is initially in equilibrium. A person invents a new process for making solar panels at a lower cost,