Economics Adam Smith (14)

Adam’s view later was supported by Ricardo. In early 19th century, as the economy developed, the problem of distribution of national income between members of the society could not be ignored for long. With the development of capitalist economies, problems of inequalities and “exploitation of labour” came to get prominence. Alternative views were adopted by economists regarding what economics was all about. Some economists concentrated
upon the tools and techniques of analysis, while others gave greater attention to the questions of economic well-
being of the society.