Who is the author of the book titled “The Wealth of the Nations”?
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Adam Smith
NCERT (2025-26): “4.1 Sociological Perspectives on Markets and the Economy … To answer this question, we need to go back briefly to eighteenth century England and the beginnings of modern economics, which at that time was called ‘political economy’. The most famous of the early political economists was Adam Smith, who in his book, The Wealth of Nations, attempted to understand the market economy that was just emerging at that time. Smith argued that the market economy is made up of a series of individual exchanges or transactions, which automatically create a functioning and ordered system. This happens even though none of the individuals involved in the millions of transactions had intended to create a system.…” |