Adam Smith is widely regarded as the father of modern economics. He was an 18th-century Scottish economist and philosopher whose seminal work, An Inquiry into the Nature and Causes of the Wealth of Nations (1776), laid the foundations for classical economics and the study of economic systems as a comprehensive discipline
. Smith introduced key economic concepts such as the division of labor, the invisible hand (the self-regulating nature of free markets), and the importance of competition, supply and demand, and self-interest in promoting economic prosperity
. His advocacy for laissez-faire policies and free markets marked a significant departure from mercantilism, influencing the development of modern capitalism
. While Paul Samuelson is sometimes called the father of modern economics for his 20th-century contributions and formalization of economics using mathematics, Adam Smith is the original founding figure whose ideas established economics as an academic discipline
. In summary, Adam Smith is recognized as the father of modern economics due to his pioneering theories and his influential book The Wealth of Nations , which continues to shape economic thought and policy today
