Adam Smith Definition of Economics
Adam Smith's definition of Economics... Adam Smith, founder of modern economics and the leader of classical economists developed economics as a separate social science. So he is regarded as a father of Modern Economics. He wrote a book on the subject named " An Enquiry into the Nature and Causes of the Wealth of the Nations " which was published in 1776AD. This book is regarded as the holy book of economics and popularly know as'The Wealth of Nations'. The name of the book is itself sufficient to understand what economics is and the subject matter does it cover. According to him, economics is the study of the nature and causes of the wealth of the nation and it is concerned with production and increase of nation's wealth. The term wealth means sufficient money resources. This definition was supported by various classical economists like J. B. Say, J. S. Mill, F. A Walker, David Ricardo, Thomas Robert Mathus...