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On this day in 1790: Death of Adam Smith
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Adam Smith, the father of economics, died on this day (July 17) in 1790. On June 5, 1723 in Scotland, Smith became world famous with the book 'Wealth of Nations' published in 1776.
In the book 'Wealth of Nations' he first explained the principles of production and distribution of economics. Smith, who attached great importance to the economic development of the country, mentioned the division of labor as a major tool. Smith believes that economic development occurs through the division of labor through technological progress and capital formation.
In the first part of the book, which is divided into five parts, he explains the division of labor, while the second part describes the origin and use of money, prices, wages, interest, profit, investment, the nature of capital and the creation of capital. The history of agriculture, urban and industrial development after the fall of the Roman Empire are covered in the third volume. Similarly, in the fourth section, criticism of naturalism and support of foreign trade is mentioned, while in the last section, he writes about public finance.
प्रकाशित : श्रावण २, २०८१ ०६:१४
