WORLD HISTORY

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: -The laissez-faire theory mainly advocates government non-intervention. Economic theorist Adam Smith believed that the optimal functioning of markets needed minimal government intervention.

Detailed explanation-3: -The Wealth of Nations carries the important message of laissez faire, which means that the government should intervene as little as possible in economic affairs and leave the market to its own devices.

Detailed explanation-4: -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-5: -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.