Father of Economics

Adam Smith was the Father of Eonomics because Adam Smith was the first person who introduced "Economics" as a subject. Adam Smith was a Scottish philosopher and Economist. He was a citizen of scotland and was the professer of Cambridge University. Adam smith is one of the greatest economists throughout history.


[Full name: Adam Smith, Born: 5 June 1723 Kirkcaldy, Scotland, Died: 17 July 1790(1790-07-17) (aged 67)Edinburgh, Scotland, Era: Classical economics
(Modern economics), Region: Western philosophy, School: Classical economics
Main interests: Political Philosophy, Ethics, Economics]

He wrote a book in 1776 and the title was

"The Wealth of Nation"

In his book he discussed the word "Wealth" according to Adam Smith wealth means "Goods and Searvices"
He derived a definition that is

"Economics is the Science of Wealth"

the major points of his definition are:

Production of Wealth

Consumption of Wealth

Exchange of Wealth

Distribution of Wealth

So, Adam Smith is the Father of Modern Economics for his great work towards the society as a Philosopher and also as an Economist.

Definition of Economics

Economics is a social science and also a system that manage the prodution, distribution and consumption of goods and services in a country.

Introduction

Most of the people think that Economics just based on complicated Tables, Charts, Numbers and Statistics, but basially it is the study of Rational Human Behaviour, So we can say that it is a Social Science which also guide us How we can use the scarce Resources in order to fulfill our needs and wants.
According to Economics people have rational behaviour and they want to fulfill their unlimited wants and needs. So, Economics examines the behaviour of people according to their self interst
So, On the one hand Economics is the study of Wealth and on the other hand it is the study of Man.

World Economy

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