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. Smith introduced the concept that free trade would benefit individuals and society as a whole.

Detailed explanation-2: -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-3: -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-4: -In 1776, Adam Smith published The Wealth of Nations, probably the most influential book on market economics ever written.

Detailed explanation-5: -The book’s broad themes Smith’s radical insight was that a nation’s wealth is really the stream of goods and services that it creates. Today, we would call it gross national product. And the way to maximise it, he argued, was not to restrict the nation’s productive capacity, but to set it free.