Who is the Father of Economics? Understanding Adam Smith's Impact

Learn about Adam Smith, the Father of Economics, and his influence on modern economic theory through his work, 'The Wealth of Nations.'

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Adam Smith is widely considered the father of economics. His monumental work, 'The Wealth of Nations,' published in 1776, laid the foundations for modern economic theory. Smith introduced key concepts such as the invisible hand and division of labor, which continue to influence economic thought today.

FAQs & Answers

  1. What is the main idea of Adam Smith's 'The Wealth of Nations'? The main idea of 'The Wealth of Nations' is the concept of the invisible hand, where individual self-interest in a free-market economy leads to economic prosperity.
  2. How did Adam Smith's ideas shape modern economics? Adam Smith's ideas laid the groundwork for modern capitalism, introducing key concepts like free markets and the division of labor, which are central to economic theory today.
  3. When was 'The Wealth of Nations' published? 'The Wealth of Nations' was published in 1776, marking a significant milestone in economic thought.

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