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 called 'Wealth of Nations' or ‘The Nature and Causes of National Wealth’ in 1776. The Scottish philosopher and economist is also credited for coining the term Gross Domestic Product (GDP) and for his wage difference payment theory.
According to Smith, the government should not regulate or manipulate the economy of a country and only then the best interests of a country will prevail. Smith and his opinions were dominant for the next few centuries. However, from the late 19th to the early 20th century, another economist called Alfred Marshall and his economic theories became prominent.
Summary:
Scottish economist and philosopher Adam Smith is credited as being the father of economics. He authored the ‘The Nature and Causes of National Wealth’ in 1776 and gave many economic theories that stayed relevant for centuries. He also coined the term and concept of the Gross Domestic Product (GDP) and came up with the wage difference payment theory.
☛ Related Questions:
Adam Smith is known as the father of economics. He was a Scottish philosopher and economist who authored the ‘The Nature and Causes of National Wealth’ in the year 1776.
According to Adam Smith who is known as the father of economics, the government should not regulate the economy of a country. Only then the best interests of the country will be agreed upon and the resources will be used most effectively.
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