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# Economic System Comprehension

## Definition

The understanding and mastery of economic principles and mechanisms that enables effective policy-making and economic management. This comprehension is essential for statesmen and legislators in their role as economic planners and regulators.

## Source Chapter

Book IV, Chapter 0

## Context

Smith positions political economy as a science that requires comprehension by those who govern, establishing the intellectual foundation necessary for effective economic policy and administration.

## Economic Domain

General Theory

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