Definition of the Economics

Economics is the branch of social science which deals with production, distribution and consumption of available goods and services and their proper management. So, economics deals with the trade cycle, production, distribution, comsumption of goods and services in a systematic manner. Adam Smith (1723-1790), was consider as the "Father of Economics". He published his book entitled "The Wealth of Nations" in 1776. In this book he also talks about the "invisible hands". After the publication of the book entitled "The Wealth of Nations", he was become the most famous person and become the leader of classic ecomic period. In which he give the first concept of economics and it's importance to the human beings. In this book he emphasized the social human behaviour and his social activities with rational behaviour. He was the leader of classical economists. Since Smith's book was publishd he was famous for more than a century. It means that, he wasn't critisized till hundred years. Aftrewards, he was criticized in 1890, after another well functioned definition was published. And, starts middle age of the development of economics, which was lasted in 1932, when modern era of economices come into existance.


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