the father of classical school of economics was Adam Smith?
a. True
b. False
Adam Smith is considered the father of Classical economics, he had written “The Wealth of Nations” in 1776, which was one of the first important books in economics.
In the book “The Wealth of Nations” Adam Smith said that the wealth of any nation was not determined by the gold but by its national income. They based this income on the use of labor and the and the use of accumulated capital. Which became one of classical economic’s central concepts.
They based classical economics on the theories of Adam Smith, which favoured the principle of Laissez-faire. Also, they suggested the say’s law and invisible hand theories.
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