710 B
710 B
Economic System Evaluation Criteria
Definition
The standards and measures used to assess the effectiveness and appropriateness of economic arrangements, including their ability to achieve political economy's objectives of providing subsistence for the people and generating revenue for public services.
Source Chapter
Book IV, Chapter 0
Context
Smith's framework for understanding political economy implies the need for evaluation criteria to assess different systems and their relative merits in achieving stated objectives.
Economic Domain
General Theory