Explain the features of Adam Smith's definition of economics.
Answers
Answer:
Adam Smith is considered to be the father of economics. It is not so because he was first explorer in the field of economics, also not because he revolutionized economic planning by his maiden ideas, but because he abbreviated what he had received from his predecessors and handed it down as a guide to the coming generations.
He was the editor and not the author, organizer and not the originator of economic science.
“He was the man of systematic work and balanced presentation, not of great new ideas but a man who carefully investigates the given data, criticizes them cooly and sensibly, and coordinates the judgements arrived at with others which have already been established
Adam Smith contained all his ideas in his “Wealth of Nations”. The most important aspect of this book was a Theory of Economic Development. Physiocracy came into existence due to mercantilism. They believed in science of natural laws and emphasised the significance of agriculture and contended that it is the only industry that can make country wealthy. Adam Smith’s ‘Wealth of Nations’ was scientific not because it contained the absolute truth but because it came as a turning point, the beginning of all that came after, as it was the end of all that came before.
Answer:
h who is the father of economics