721 B
721 B
Economic System Resistance Factor
Definition
The obstacles, barriers, and opposing forces that impede changes and improvements in economic arrangements, including institutional inertia, vested interests, cultural resistance, and other factors that maintain existing systems despite their limitations.
Source Chapter
Book IV, Chapter 0
Context
Smith's discussion of different systems and their persistence implies the importance of understanding resistance factors in economic arrangements and their role in maintaining existing systems.
Economic Domain
General Theory