Question

Statement incorrect with references to adam smith definition a. adam smith is a classical ecom​

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. 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.