Example: Butcher, Brewer, and Baker (Adam Smith)
Adam Smith used the example of the butcher, the brewer, and the baker in The Wealth of Nations to illustrate that self-interest, not benevolence, drives economic activity. He argued that individuals provide goods and services to earn a living, not out of kindness. Smith emphasized that people prefer not to rely on the generosity of others for their needs, stating, 'Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens.' This implies that self-interest is the fundamental and preferred driver of economic exchange, which, when channeled through a free market, inadvertently contributes to the overall well-being of society.
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The Economy 1.0 @ CORE Econ
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