Grandfather of Economics: Industrial Revolution

The video explores the impact of the Industrial Revolution on wealth perception, highlighting Adam Smith's insights into manufacturing and farming. It discusses the factors of production—land, labor, and capital—and Smith's revolutionary theory of capital. The transition from agrarian to industrial economies is examined, with a comparative analysis of China and the UK, illustrating how nations evolve economically by leveraging industry over agriculture.

How did Adam Smith's ideas change the perception of wealth during the Industrial Revolution?

What were the key factors of production identified by Adam Smith?

What role did capital play in Adam Smith's economic theory?

Why did nations historically invade others for wealth, and how does this relate to Adam Smith's theories?

In what ways did the economic conditions of China and England differ during the 1700s?

What was the significance of the transition from agriculture to industry according to Adam Smith?

How does the concept of 'path of least resistance' apply to the economic development of nations?