Economics (Adam Smith-2)

The central point in Smith’s definition is wealth creation. Implicitly, Smith identified wealth with welfare. He maintained that the discipline of economics is meant to identify the factors (that is causes) which make one
economy richer than the other. He assumed that, the wealthier a nation, the happier its citizens are. Thus, it was important to find out, how a nation could become wealthy. Economics is the subject which is concerned with an objective of how to make a nation wealthy in order to grow rich and to acquire political & military strength.