What is Adam Smith theory and Franklin theory
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Adam Smith's theory is based on the principle of 'Laissez-Faire' which requires that state should not impose any restriction on freedom of an individual. The theory of economic development rests on the pillars of saving, division of labour and wide extent of market.
The Ben Franklin effect is a proposed psychological phenomenon: a person who has already performed a favor for another is more likely to do another favor for the other than if they had received a favor from that person.
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