Who is considered the "Father of Modern Economics"?

The title of "Father of Modern Economics" is attributed to Adam Smith, primarily due to his foundational work, "The Wealth of Nations," published in 1776. In this influential book, Smith introduced key concepts that became cornerstones of classical economics, such as the idea of the 'invisible hand'—the notion that individuals seeking personal gain unintentionally benefit society as a whole through their economic activities. His exploration of free markets, competition, and the division of labor significantly shaped economic thought and policies, advocating for minimal government intervention in the economy.

Smith's insights laid the groundwork for later economic theories and practices, making his contributions vital to the development of the discipline. His advocacy for capitalism and free trade also positioned him as a pivotal figure in discussions about economic systems, further solidifying his legacy as the founder of modern economic theory.