ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Smith argued that the free-market system along with free trade would produce true national wealth, benefiting all social classes, not just the privileged few. In a major section of The Wealth of Nations, Smith attacked mercantilist trade practices.

Detailed explanation-3: -Adam Smith’s “Wealth of Nations” was published in 1776. Good timing. Coming out the same year as the Declaration of Independence, the book sparked its own revolution.

Detailed explanation-4: -Adam Smith’s writings influence economics today as he believed wealth is created via labor, and self-interest spurs people to use their resources to earn money. Smith’s theories that economies thrive when competition, capitalism, and a free market, are alive and well in the 21st century.

Detailed explanation-5: -Adam Smith FRSA (baptized 16 June [O.S. 5 June] 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.