798 B
798 B
Economic System Purpose
Definition
The fundamental objectives and intended outcomes that economic arrangements are designed to achieve, particularly the dual purposes of providing subsistence for the people and generating revenue for public services as identified by Smith in his framework for political economy.
Source Chapter
Book IV, Chapter 0
Context
Smith explicitly identifies the purposes of political economy as enabling people to provide for their own subsistence and supplying the state with sufficient revenue for public services, establishing the fundamental purposes that economic systems must serve.
Economic Domain
General Theory