1776 saw the publication of two great articles. The first is "The United States Declaration of Independence" and the second is "Wealth of Nations" by Adam Smith. Adam Smith is a Scottish economist and philosopher, who is widely known as father of modern economics and often credited as founder of free market economics. However, free market economics existed centuries before Adam Smith, in Egypt, Rome and India."Wealth of Nations" could have laid the foundation of modern economic theory and may mark the beginning of classical economics, but Kautilya's Arthashasthra, published in 4th century BC will always remain as the pre-cursor to classical economics.
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