Adam Smith believed that fair prices for goods are determined in a capitalist system.

Adam Smith was an earlier capitalist philosopher who believed in the strength of the free market and the ability for optimum and fair prices for goods to be determined by a free market. With the ability to buy and sell goods freely, the market would determine the best price according to Adam Smith.

Answered by Gibbs | 2024-06-10

through competion between buisnesses

Answered by vzamudio2002 | 2024-06-24

Adam Smith, known as the "Father of Capitalism," argued in his book "The Wealth of Nations" that fair prices for goods are determined through a free market system driven by supply and demand. He believed that competition among producers would lead to lower prices and better quality, while minimal government intervention would allow the marketplace to function effectively. His concepts laid the groundwork for the modern understanding of capitalist economies.
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Answered by Gibbs | 2024-10-15