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The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
Edition 13ISBN: 9780132992695The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
Edition 13ISBN: 9780132992695 Exercise 5
Adam Smith complained in The Wealth of Nations that many people confused money with wealth. Is this a confusion?
(a) Doesn't everyone's wealth increase when he or she acquires more money?
(b) If any one person's wealth increases when he or she acquires more money, doesn't it follow logically that more money for everyone means more wealth for everyone?
(c) What would happen if the government of India tackled the problem of poverty by printing more rupees and distributing them generously to the poorest people in the country?
(a) Doesn't everyone's wealth increase when he or she acquires more money?
(b) If any one person's wealth increases when he or she acquires more money, doesn't it follow logically that more money for everyone means more wealth for everyone?
(c) What would happen if the government of India tackled the problem of poverty by printing more rupees and distributing them generously to the poorest people in the country?
Explanation
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The notion of wealth coined by the famou...
The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
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