In 1776, Adam Smith, highly regarded as the Father of Economics, presented a notable art in the form of the ‘Wealth of Nations’. The book comprehended the economic structure in the society. The purpose of the paper is to examine the four major theories put forward by him and accordingly determine its significance in today’s world with the occurrence of various events in the economy. The source of data used was secondary data, thereby accessing various research papers, understanding and relating the news reports of many events. Descriptive and diagnostic method of analysis has been used. The paper shows contradicting views with respect to the theories presented by Adam Smith. Based on the study, the researcher would like to conclude that no relevance was found in the application of the mentioned theories with the current scenario. However, these can always be looked up to.