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.

Detailed explanation-2: -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.

Detailed explanation-3: -The Wealth of Nations was written by the eighteenth-century Scotsman Adam Smith, the “father of modern economics.” In addition to his importance as an economist, Adam Smith was an important figure in classical liberalism and in the Scottish Enlightenment.

Detailed explanation-4: -The Wealth of Nations, published as a five-book series, sought to reveal the nature and cause of a nation’s prosperity. Smith saw the main cause of prosperity as increasing division of labor.

Detailed explanation-5: -The social contract theory by John Locke explains this. Their differences however are their methods of going about doing things as well as their locations in life. In Adam Smiths book The Wealth of Nations Adam Smith segued off of John Lockes writings and stayed off of most topics covered by his two treatises.