WORLD HISTORY

Detailed explanation-1: -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-2: -In 1776, Adam Smith published the first edition of An Inquiry into the Nature and Causes of the Wealth of Nations. The work sought to explore, through historical and contemporary examples, what made or caused nations to be wealthy.

Detailed explanation-3: -Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics.

Detailed explanation-4: -The Wealth of Nations is a profoundly influential work in the study of economics and examines exactly how nations become wealthy. Adam Smith advocates that by allowing individuals to freely pursue their own self-interest in a free market, without government regulation, nations will prosper.