Adam Smith defined economics as the study of resource allocation influenced by trade and specialization, advocating for free markets and minimal government intervention.
Adam Smith, a Scottish economist and philosopher, considered the father of capitalism, defined economics as the study of how individuals make choices to allocate scarce resources to satisfy their unlimited wants. He emphasized the importance of trade and specialization in fostering prosperity. Smith's work, particularly in The Wealth of Nations, laid the foundation for modern economic theories, advocating for free markets and minimal government intervention.
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