"state is the sole activity of economics work 'who said
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Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.
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Adam smith exclaimed that "state is the sole activity of economics work”
Explanation:
- Adam is also popularly known as "Father of economics" was born in the year 1723 in Scotland. He was a philosopher, author and as well as a moral philosopher. He developed the concept of division of labor.
- His famous work includes "The theory of moral sentiments" and "The wealth of nations". He passed away in the year 1790.
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