Question

difference between adam smith defination of economic

Answer 1

Adam Smith was the founder of classical economics and is also known as the father of economics as he was the first to recognize economics as a subject. “Economics is concerned with, An inquiry into the Nature and Causes of Wealth of Nations.” Thus he gave a high level of importance to wealth in the study of Economics.

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: n 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.