707 B
707 B
Economic System Comprehension
Definition
The understanding and mastery of economic principles and mechanisms that enables effective policy-making and economic management. This comprehension is essential for statesmen and legislators in their role as economic planners and regulators.
Source Chapter
Book IV, Chapter 0
Context
Smith positions political economy as a science that requires comprehension by those who govern, establishing the intellectual foundation necessary for effective economic policy and administration.
Economic Domain
General Theory