In his 1776 "The Wealth of Nations", Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time.
According to Smith, this encourages efficiency.
According to Smith, this encourages efficiency.
Usar una redacción más simple: In his 1776 "The Wealth of Nations", Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time. Producción: