Who is known as the "father of modern economics"?

Adam Smith is known as the "father of modern economics" primarily due to his seminal work, "The Wealth of Nations," published in 1776. In this book, Smith introduced several key concepts that laid the groundwork for classical economics, such as the idea of the invisible hand, which describes how individuals seeking their own self-interest can lead to positive societal outcomes. He emphasized the importance of free markets, specialization, and division of labor, arguing that these elements contribute to economic efficiency and growth. Smith's ideas significantly influenced economic thought and policy, establishing a foundation for the study of economics as a discipline and shaping modern capitalist economies. His legacy continues to inform contemporary economic theories and practices.