Question

1. who was the main proponent of laissez-faire economics? (455)
2. smith asserted what in the wealth of nations? (455)
3. what did henry bessemer and william kelly develop? (461)
4. what did alfred nobel invent? (462)
5. what did thomas edison make? (462)

Explanation:

1. Laissez-faire economics centers on minimal government interference in markets, with Adam Smith as its foundational proponent.
2. In The Wealth of Nations, Smith argued that a nation's wealth comes from the labor of its people (productive labor) rather than gold/silver, and that free markets guided by the "invisible hand" maximize prosperity.
3. Henry Bessemer and William Kelly independently developed the Bessemer process, a method to mass-produce inexpensive steel by removing impurities from molten iron.
4. Alfred Nobel invented dynamite, a stabilized explosive using nitroglycerin absorbed into inert materials, along with other related explosive devices.
5. Thomas Edison developed and commercialized many innovations, most notably the practical, long-lasting incandescent light bulb, plus systems for electrical power distribution.

Answer:

1. Adam Smith
2. He asserted that the wealth of a nation is derived from the productive labor of its people, and that free, unregulated markets guided by the "invisible hand" lead to optimal economic prosperity.
3. They developed the Bessemer process, a method for mass-producing low-cost steel.
4. Alfred Nobel invented dynamite (and related explosive technologies).
5. Thomas Edison created the practical, long-lasting incandescent light bulb, along with electrical power distribution systems.