711 B
711 B
Economic System Operation
Definition
The actual functioning and practical implementation of economic arrangements, including the day-to-day processes through which economic activity is conducted, resources are allocated, and the objectives of political economy are pursued through concrete mechanisms and practices.
Source Chapter
Book IV, Chapter 0
Context
Smith's intention to explain both systems fully and distinctly implies the importance of understanding how different economic arrangements actually operate in practice.
Economic Domain
General Theory