Adam Smith, considered to be the founding father of modern Economics, defined Economics as. The definition of economics given by Adam Smith was supported by various classical economists like J.B Say, F.A Walker, J.S Mill, etc. In Smith’s view, pursuing one’s interests to the general indifference of what happens to strangers is actually central to national prosperity. According to the definitions as pronounced by Adam Smith and J B Say, the main focus of study for economics has been defined as “accumulation of wealth” or “science of wealth”. Economics means the study of the way in which mankind organizes itself to tackle the basic problems of scarcity. This model primarily deals with capitalistic economies and their process of economic growth. Adam Smith's Model of Economic Growth: Definition and Explanation: Adam Smith's model of economic growth is more or less available in the different parts of Smith's well reputed book "Wealth of Nations" written in 1776. Adam smith assumed that every human being who wants to earn money by hook or crook is known as an economic man. The critics of the definition instead point out that almost all human beings also own the qualities of human life such as feelings of love, respect, self-esteem, sympathy, Adam Smith (1723 - 1790). Adam Smith the forefather of the economists, regarded Economics as a science which studies the process of production, Consumption, distribution and exchange of wealth. According to J B Say, economics was defined as: “Science which deals with wealth”. Adam Smith’s Definition Adam Smith, considered to be the founding father of modern Economics, defined Economics as the study of the nature and causes of nations’ wealth or simply as the study of wealth. So he is regarded as a father of Modern Economics. His great legacy is the theory of laissez-faire economics which argues that, left to their own devices, people will always act in their self-interest, and those interests will inadvertently level out to create the best outcome for all. According to J.B Say , "Economics … Adam Smith, Modern Economics, and Self-Interest Considerations . Adam Smith was an 18th-century teacher and philosopher who is widely regarded as the father of classical economics. Adam Smith defended this way of organizing human affairs, not just on pragmatic terms, but on moral ones, upending millennia of religion-based admonitions that one should aver selfishness. Rather, it was to show that, under the impetus of the acquisitive drive, the annual flow of national wealth could be seen to grow steadily. Adam Smith’s Definition of Economics. Adam Smith's Definition. 1. But his purpose was more ambitious than to demonstrate the self-adjusting properties of the system. Adam Smith provided, perhaps, the most complete vision of Classical Liberalism when he presented these concepts in a coherent economic theory, The Theory of the Free Market, in his book, An Inquiry into the Nature and Casues of the wealth of Nations. Adam Smith - Adam Smith - Economic growth: Smith’s analysis of the market as a self-correcting mechanism was impressive. According to him, Economics inquires into the factors those determine wealth of a country and its growth. Adam Smith was a Scottish philosopher, widely considered as the first modern economist. In a market economy, individuals and businesses own most of the resources available (e.g., … Adam Smith's definition of Economics... Adam Smith, founder of modern economics and the leader of classical economists developed economics as a separate social science. The system the founding father of modern Economics, defined Economics as purpose was more ambitious to... 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