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What is Adam Smith about?

Adam Smith defined economics as the study of the nature and causes of wealth of nations. He viewed the purpose of economics as increasing the wealth of a nation by examining consumption, production, exchange, and distribution. Later, Robbins defined economics as the science of scarcity and choice, focusing on how humans allocate limited resources to satisfy unlimited wants. Marshall defined economics as the study of mankind in the ordinary business of life, examining how people attain and use material well-

Author

srivastavajitesh

Language

EN