612 B
612 B
Favour
Definition
The granting of benefits or assistance based on goodwill or personal relationship rather than contractual obligation or exchange, which Smith contrasts with market transactions as an insufficient basis for economic organisation in complex societies.
Source Chapter
Book I, Chapter 2
Context
Smith discusses how animals obtain what they want from humans or other animals by gaining favour, and how humans sometimes use similar arts of servility, but argues that in civilised society, complex economic needs cannot be met through favour alone.
Economic Domain
Exchange