Excerpt from Elementary Economics

Nature and Importance of Economics. - 'Political-Economy, ' according to its derivation from three Greek words, means the law of household management applied to communities. It is very often called Economics for short. More directly, it may be denned as the study of the making, exchanging, sharing, and using of wealth.

The first great treatise on Economics in English was written by Adam Smith (a professor in the University of Glasgow) and published in 1776. It was entitled the Wealth of Nations. Almost immediately it began to exert a wide influence. The science so comprehensively expounded by Adam Smith has naturally developed almost beyond recognition since his time.

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