Who is Known as the Father of Economics?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
Adam Smith is known as the Father of Economics as he played a significant role in shaping it as a new discipline. He gave many economic theories and wrote the book Wealth of Nations or The Nature and Causes of National Wealth in 1776. The Scottish philosopher and economist are also credited for coining the term Gross Domestic Product (GDP) and for his wage difference payment theory.
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Father of Economics
Adam Smith was an 18th-century economist, philosopher & author of Scottish origin. He is known as the father of economics because he played a major role in shaping & defining the field of Economics. He was a prominent advocate of the laissez-faire policies of economics. The Theory of Moral Sentiments was the first book by Adam Smith, the father of Economics.
According to Smith, the government should not regulate or manipulate a country’s economy, and only then will the best interests of a country prevail. Smith and his opinions were dominant for the next few centuries.
- From the late 19th to the early 20th century, another economist called Alfred Marshall and his economic theories became prominent.
- He is also known for his theory of compensating wage differentials according to which risky and unattractive jobs usually offer higher wages to employees to attract them.
Summary:
Who is Known as the Father of Economics?
Scottish economist and philosopher Adam Smith are known as the Father of Economics. He also coined the term and concept of the Gross Domestic Product (GDP) and developed the wage difference payment theory. Smith advocated the laissez-faire policies of economics and wrote multiple books that contributed immensely to the field of Economics.
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