Question

Difference between adam smith defination of economic

Answer 1

Definition of 'Invisible Hand' ... Description: The phrase invisible hand was introduced by Adam Smith in his book 'The Wealth of Nations'. He assumed that an economy can work well in a free market scenario where everyone will work for his/her own interest.

Answer 2

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Economist seek to evaluate the well being of rich and poor through learning to measure how well-being may increase overtime. Adam Smith: In his book “wealth of nation” he considered economics to be the study of production of wealth, distribution of wealth, consumption of wealth and exchange of wealth.