739 B
739 B
Economic System Improvement
Definition
The process of enhancing and refining economic arrangements to increase their effectiveness, efficiency, and ability to achieve political economy's objectives, including the modification of policies, institutions, and practices based on experience and understanding.
Source Chapter
Book IV, Chapter 0
Context
Smith's discussion of different systems and their relative merits implies the importance of continuous improvement in economic arrangements and the need to refine them based on experience and understanding.
Economic Domain
General Theory