Production requires labor, capital, and land as prerequisites. Capital is wealth appropriated for productive employment. Division of labor increases production efficiency. Law of production increases with labor, capital, and land
Ordoliberalism is a German variant of economic liberalism emphasizing market potential. Term coined in 1950 by Hero Moeller, referring to ORDO academic journal. Separates from classical liberals and rejects neoliberalism
Private entities control factors of production: entrepreneurship, capital goods, natural resources, and labor. Shareholders own companies and elect boards of directors. System operates through free market based on supply and demand. Emerged during 16th century Industrial Revolution
Published in 1776, divided into five books covering different economic aspects. Book I focuses on division of labor and machinery. Book II discusses wealth creation through efficient production. Book III examines government's role in providing public goods. Book IV examines different economic systems of Smith's time
Washington Consensus was a set of economic policies promoted by IMF, World Bank, and WTO. Named by John Williamson in 1989 as a list of widely desired Latin American policies. Focused on reducing government role and promoting neoliberal economic policies
Diffuse environmental risks require indirect solutions like recycling and circular economy. Diffuse emissions are difficult to monitor and regulate globally. Waste management strategies often follow strict hierarchy but need flexibility