Who is known as the Scottish economist that wrote "The Wealth of Nations"?

Study for the ABCTE Elementary Education Exam. Prepare with flashcards, multiple choice questions, hints, and detailed explanations. Get ready to excel in your exam!

The Scottish economist known for writing "The Wealth of Nations" is Adam Smith. This seminal work, published in 1776, is often recognized as the foundation of modern economic theory and capitalism. In it, Smith discusses various concepts, including the division of labor, free markets, and the benefits of competition. His ideas have had a profound impact on the field of economics and continue to influence economic policies and thinking today. Smith's analysis emphasizes how individuals seeking their own self-interest can lead to economic prosperity and greater societal benefits, which are key tenets of his philosophical and economic beliefs.

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