Adam Smith: The Father of Economics
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Adam Smith was an 18th-century Scottish economist, philosopher, and author. He is considered the father of modern economics.
Adam Smith's work discusses the evolution of human society.
Adam Smiths' ideas in "The wealth of nations" were a motivating factor in the evolution from land-based wealth to wealth created by assembly-line production methods that included labour division.
Smith argued that the division of labour and the associated specialisation creates prosperity.
The ideas in "The wealth of nations"(Adam Smith) provided the seed for the concept of GDP and altered the importing and exporting business.
Before, countries declared their wealth based on the value of their gold and silver. Smith argued that countries should instead be evaluated based on their levels of production and commerce. This concept was the foundation for creating the GDP metric for measuring the wealth of a country.
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