Which of the following book was written by Adam Smith?
by J Nandhini
Updated Oct 13, 2023
Which of the following book was written by Adam Smith?
A. Why Nations Fail
B. Wealth of Nations
C. The Economic Consequences of Peace
D. Small is Beautiful
The Answer is B. Wealth of Nations
Adam Smith, the Scottish economist and philosopher, is best known for his book "The Wealth of Nations," which was published in 1776. This book laid the foundations for modern economics and is considered one of the most influential works in the field of economics.
In "The Wealth of Nations," Adam Smith talked about the invisible hand. This means that when people do what's best for themselves, they often end up helping society as a whole without meaning to. He said that when people freely trade things in a competitive market, it helps resources get used well, and the country becomes wealthier.
The book also talks about important economic ideas like how work should be divided, why markets are essential, why competition is good, and why the government should have a limited role in the economy. It also touches on topics like taxes, trade, and the value of money.
In simple words, "The Wealth of Nations" is a crucial book in economics. It helps us understand how capitalism and market-based economies work. It has been important for a long time and is still studied and talked about by economists and scholars all over the world.
Which of the following book was written by Adam Smith? - FAQs
Wealth of Nations