. Who is called the Father of Economics


A) J M Keynes

B) Malthus

C)Ricardo

D)Adam Smith

Best Answer

The correct option is D.

Adam Smith, who is known as the father of modern economics, was an 18th-century Scottish economist, philosopher, and author. Smith argued in opposition to mercantilism and became a major proponent of the economic policies of laissez-faire. Smith brought the idea of an unseen hand in his first book, "The Theory of Moral Sentiments," the ability of free markets to manipulate themselves through competition, supply and demand, and self-interest.

Adam Smith is also known for the definition of gross domestic product (GDP) and for his theory of wage differential payments. Dangerous or unwanted professions generally tend to pay better salaries as a method of attracting employees to these positions, according to this theory. His 1776 essay, "An Inquiry into the Nature and Causes of the Wealth of Nations." became Smith's most large contribution in the field of economics. According to him, the government need to not manipulate the economy, the resources of a country might be more efficiently used, free-market problems might be resolved and the health of a nation could be determined and best interests will be agreed. However, for the next centuries, Smith's perspectives at the economy predominated, however the views of Alfred Marshall (1842-1924), a London-born economist, had a main effect on economic thought in the late nineteenth and early twentieth centuries.

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