The discipline of economics is aimed at understanding and explaining how markets work in modern capitalist economies. To understander sociology's response to the market in modern times, we also need to we need to go back briefly to eighteenth-century Europe and the beginnings of modern economics where Adam Smith is a central figure. His economic philosophy was given the name laissez-faire, a French phrase that means ‘leave alone’ or ‘let it be’.

Identify Adam Smith’s famous work from the below group.

The Wealth of Nations.

The correct answer is Option 3: The Wealth of Nations.

NCERt: Adam Smith is known as the fountainhead of contemporary economic thought. Smith’s reputation rests on his five-book series ‘The Wealth of Nations’ which explained how rational self-interest in a free-market economy leads to economic well being.