Question

Adam Smith, who first introduced the concepts of modern economics in 1776 in his book The Wealth of Nations, stated, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.”

To complete the Discussion activity, write a post that answers the following questions:

• Consider your opinions on the same topics, and write a discussion post that answers the following questions:
  • Analyze each of Smith’s three conditions in terms of economic tools you have learned thus far in this course.
  • For each condition, analyze its presence or absence in today’s society.
  • Describe two additional conditions you think are necessary to promote growth.
• Post your response to the discussion board.

Answer 1