ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. Smith is most famous for his 1776 book, “The Wealth of Nations.” Smith’s writings were studied by 20th-century philosophers, writers, and economists.

Detailed explanation-2: -The term “invisible hand” first appeared in Adam Smith’s famous work, The Wealth of Nations, to describe how free markets can incentivize individuals, acting in their own self-interest, to produce what is societally necessary.

Detailed explanation-3: -Adam Smith is often identified as the father of modern capitalism.

Detailed explanation-4: -Adam Smith was among the first philosophers of his time to declare that wealth is created through productive labor, and that self-interest motivates people to put their resources to the best use. He argued that profits flowed from capital investments, and that capital gets directed to where the most profit can be made.

Detailed explanation-5: -Adam Smith was a philosopher and economic theorist born in Scotland in 1723. He’s known primarily for his groundbreaking 1776 book on economics called An Inquiry into the Nature and Causes of the Wealth of Nations. Smith introduced the concept that free trade would benefit individuals and society as a whole.