Grandfather of Economics: Introduction and Economics Explained

The video discusses Adam Smith, known for 'The Wealth of Nations', and his foundational role in economics. It critiques mercantilism, an outdated economic theory, and highlights Smith's ideas during the American and French revolutions. The video explains mercantilism as a zero-sum game and introduces the concept of value adding and production, emphasizing the shift from agrarian to industrial economies.

What was the primary argument Adam Smith made against mercantilism?

Explain the concept of 'value adding' as described in the context of Adam Smith's economic theories.