741 B
741 B
Economic System Structure
Definition
The organizational framework and institutional arrangements that define how economic activity is organized, including the relationships between different economic actors, the distribution of decision-making authority, and the mechanisms through which economic processes are coordinated and controlled.
Source Chapter
Book IV, Chapter 0
Context
Smith's analysis of different systems implies the importance of understanding their structural characteristics and how these structures influence their operation and outcomes.
Economic Domain
General Theory