definition of economics by adam smith
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he define economics as the study of nature and causes of nations wealth or simply as the study of wealth....
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According to Adam Smith Economics is the analysis of the characteristics and reasons of the nation's capital. In other words, economics is the study of wealth. in this way, the definition he gave, focuses more on the study of wealth and then on the study of human beings.
Adam Smith is known as the founding father of Economics. He was a Philosopher of the 18th century and a defender of laissez-faire economic system.
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