What is wealth of nation according to Smith?

Answer 1

According to Adam Smith in "The Wealth of Nations," wealth is primarily defined by the production and exchange of goods and services rather than merely the accumulation of gold or silver. He argues that a nation's prosperity is rooted in its ability to enhance productivity through specialization and the division of labor. This economic activity leads to increased efficiency and innovation, ultimately improving the standard of living for its citizens. Thus, the wealth of a nation is measured by its overall economic output and the well-being of its people.