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# Economic System Management

## Definition

The administration and oversight of economic arrangements through policies, institutions, and practices that guide their operation and ensure they achieve their intended objectives, including the role of statesmen and legislators in managing economic systems.

## Source Chapter

Book IV, Chapter 0

## Context

Smith positions political economy as the science of the statesman or legislator, establishing the importance of management and oversight in economic arrangements and their effective operation.

## Economic Domain

Regulation

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