746 B
746 B
Economic System Selection
Definition
The process by which nations and societies choose between different economic arrangements based on their circumstances, objectives, and understanding of economic principles. This selection determines the fundamental character of a nation's economic development.
Source Chapter
Book IV, Chapter 0
Context
Smith's discussion of different systems for different ages and nations implies the concept of system selection, suggesting that nations must choose appropriate economic arrangements based on their specific circumstances.
Economic Domain
General Theory