Question

Who is known as the father of economics?

Answer 1

Adam Smith is considered the father of economics. According to Smith, the government does not tamper with the economy, a country’s resources will be most effectually utilized, free-market issues will fix themselves and a nation’s welfare and best interests will be agreed. However, Smith’s opinions on the economy predominated for the next 2 centuries, however, in the late 19th and early 20th centuries, the views of Alfred Marshall (1842-1924), a London-born economist, had a significant influence on economic theory.

• Smith is also recognized for coining the term gross domestic product (GDP) and his wage differential payment theory.
• According to this idea, dangerous or unpleasant professions prefer to pay greater compensation in order to entice employees to these jobs.
• Smith’s most important contribution to economics was his article ”An Inquiry into the Nature and Causes of the Wealth of Nations,” published in 1776.
• According to Smith, the government should not regulate the economy since this will result in more efficient use of a country’s resources, the resolution of free-market problems, and the determination of a nation’s well-being and best interests.

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• Who is the ‘Father of Indian Economic Planning’?
• Who is called the father of political science?
• Who is the father of civics?