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Question
State Adam Smith's definition on Economics.
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Solution
Adam Smith,
considered to be the founding father of modern Economics, defined Economics in his epoch making book "An Inquiry Into the Nature and Causes of the Wealth of Nations". The central point in Smith’s definition is wealth creation. Implicitly,
Smith identified wealth with welfare. He assumed that the wealthier a nation
becomes the happier are its citizens. Thus, it is important to find out how a
nation can be wealthy. Economics is the subject that tells us how to make a
nation wealthy. Adam Smith’s definition is a wealth-centred definition of
Economics.
Adam Smith, considered to be the founding father of modern Economics, defined Economics in his epoch making book "An Inquiry Into the Nature and Causes of the Wealth of Nations". The central point in Smith’s definition is wealth creation. Implicitly, Smith identified wealth with welfare. He assumed that the wealthier a nation becomes the happier are its citizens. Thus, it is important to find out how a nation can be wealthy. Economics is the subject that tells us how to make a nation wealthy. Adam Smith’s definition is a wealth-centred definition of Economics.
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