According to J B Say, economics was defined as: “Science which deals with wealth”. This model primarily deals with capitalistic economies and their process of economic growth. According to J.B Say , "Economics … 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, 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. 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. Adam Smith was an 18th-century teacher and philosopher who is widely regarded as the father of classical economics. Adam Smith, Modern Economics, and Self-Interest Considerations . Adam Smith, considered to be the founding father of modern Economics, defined Economics as. According to him, Economics inquires into the factors those determine wealth of a country and its 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. 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”. 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. In a market economy, individuals and businesses own most of the resources available (e.g., … Adam Smith’s Definition of 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. 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. So he is regarded as a father of Modern Economics. Adam Smith the forefather of the economists, regarded Economics as a science which studies the process of production, Consumption, distribution and exchange of wealth. Adam smith assumed that every human being who wants to earn money by hook or crook is known as an economic man. Adam Smith - Adam Smith - Economic growth: Smith’s analysis of the market as a self-correcting mechanism was impressive. Adam Smith was a Scottish philosopher, widely considered as the first modern economist. But his purpose was more ambitious than to demonstrate the self-adjusting properties of the system. 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