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# Economic System Best Practice

## Definition

The most effective and successful approaches, policies, and procedures within economic arrangements that have been demonstrated through experience to achieve desired outcomes, including the principles and methods that represent optimal economic practice.

## Source Chapter

Book IV, Chapter 0

## Context

Smith's discussion of different systems and their relative merits implies the importance of identifying and understanding best practices in economic arrangements and their role in achieving political economy's objectives.

## Economic Domain

General Theory

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