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Answer: Smith argued that by giving everyone freedom to produce and exchange goods as they pleased and opening the markets up to domestic and forign competition people natural self interest would promote grater prosperity than with stringent government regulations.
Explanation: Hope this helps
Adam Smith's economic idea can be largely summarized as one emphasizing the role of productive labor in the generation of wealth. His major belief is the central tenet of capitalism.
Which economic idea best reflects Adam Smith's major beliefs?
- Adam Smith was an important economist who theorized endlessly on the economy, labor, specialization, and wealth.
- In his treatise titled 'The Wealth of Nations', he elaborated upon his major beliefs and economic ideas.
- Of them the most central idea laid the groundwork for capitalism and capitalistic economies.
- He claimed that productive labor was pivotal to the growth and generation of wealth.
- Adam Smith held the belief that self-interest will guide people to channel their resources for optimum production and use.
- He also emphasised government regulation as a means to maximise profit and wealth.
Therefore, the economic idea that best reflects Adam Smith's major beliefs is self-interest guiding the most productive use of resources and liberal capitalism.
Learn more about Adam Smith here: https://brainly.com/question/19471772
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