Adam Smith (1723–1790) was a Scottish economist, philosopher, and author, widely regarded as the father of modern economics. His most famous work, "The Wealth of Nations," published in 1776, laid the foundations for classical economics and introduced key concepts such as the division of labor, the idea of the "invisible hand" guiding free markets, and the benefits of competition.
In addition to "The Wealth of Nations," Smith also wrote "The Theory of Moral Sentiments," where he explored the nature of ethics and morality, emphasizing the importance of empathy and social interactions in human behavior. His work established critical ideas about capitalism, market behavior, and the role of government in economic affairs, shaping economic thought for centuries to come.
Smith's ideas contributed to the understanding of how economies function and how individual self-interest can lead to societal benefits when aligned with free-market principles. His influence extends beyond economics into philosophy, politics, and ethics, making him a key figure in the development of modern Western thought.
