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Adam Smith Butcher

345 Words2 Pages

A great quote from our reading explains this concept. Adam Smith said it is “not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner,” but rather the butcher, baker, and brewer do what they do in an effort to satisfy their own self-interest. If they satisfy our needs at the same time, well, that is the miracle of a system based upon free exchange.” The self-interest of the market system is the desire to make a profit. Finding a way for the entrepreneur to do this, and the consumer to get a good deal, benefits both. This leads to free and open competition. Speaking of Smith’s analogy of the butcher, Andrew Beattie said: “a butcher does not supply meat based on good-hearted intentions, but because he

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