G) Adam Smith

Fri, 01 May 2026 00:02:14 +0000

# Adam Smith: The Father of Modern Economics Adam Smith, often hailed as the Father of Modern Economics, is one of the most influential thinkers in the history of economic theory and philosophy. Born on June 5, 1723, in Kirkcaldy, Scotland, Smith laid the intellectual foundation for classical economics with his groundbreaking work, An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776. ## Who Was Adam Smith? A philosopher, economist, and author, Adam Smith combined deep moral insight with rigorous analysis to examine how free markets, individual self-interest, and division of labor shape economic prosperity. His work emerged during the Industrial Revolution, a period of profound economic transformation in Europe. Smith’s ideas challenged mercantilism—the dominant economic doctrine of his time—and introduced revolutionary concepts that continue to influence policymakers and scholars a century and a half later.