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: -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: -In addition to The Wealth of Nations, Adam Smith authored a philosophical classic called The Theory of Moral Sentiments. The Wealth of Nations was deeply influential on the founding generation of Americans. It was published by Adam Smith in 1776, when he was roughly fifty-three years old.

Detailed explanation-4: -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.

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.