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# Economic System Application

## Definition

The practical implementation and use of economic principles and arrangements in real-world contexts, involving the translation of theoretical understanding into operational policies, institutions, and practices that achieve the objectives of political economy.

## Source Chapter

Book IV, Chapter 0

## Context

Smith's discussion of different systems and their application in different contexts implies the importance of practical application and the translation of economic theory into effective practice.

## Economic Domain

Regulation

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