Which doctrine devised by Adam Smith argued that government should not interfere with economic matters?
Answer:
Laissez-faire
To find the answer to this question, you need to have some knowledge about the beliefs and theories of Adam Smith. Adam Smith was a Scottish economist and philosopher who is considered one of the founders of modern economics. His most famous work is "The Wealth of Nations," published in 1776.
To answer the question, you need to know that Adam Smith advocated for a doctrine called "laissez-faire." Laissez-faire is a French term that translates to "leave alone" or "let it be." It is an economic philosophy that argues for minimal government intervention in economic matters. According to this doctrine, the market should be allowed to operate freely, driven by the forces of supply and demand, with little to no interference from the government. Smith believed that by allowing individuals to pursue their self-interest in a free market, overall economic welfare would be maximized.
In "The Wealth of Nations," Smith argued that government intervention, such as tariffs, subsidies, and regulations, often leads to unintended negative consequences and inefficiencies in the economy. Instead, he advocated for free trade, competition, and property rights as the guiding principles of economic activity.
Therefore, to answer the question, the doctrine devised by Adam Smith that argued that the government should not interfere with economic matters is "laissez-faire."