Who is known as the father of modern economics?

Adam Smith is recognized as the father of modern economics primarily for his seminal work, "The Wealth of Nations," published in 1776. In this book, he laid out the foundations of classical economics and introduced key concepts such as the division of labor, the invisible hand, and the importance of free markets. Smith advocated for a system where individuals pursuing their own self-interest inadvertently contribute to the overall economic well-being of society. His ideas shifted the understanding of economic behavior and the role of government in the economy, promoting the idea that minimal intervention in markets leads to increased productivity and societal wealth. This perspective has had a lasting influence on economic thought, marking Smith as a pivotal figure in the development of modern economic principles.

The other individuals mentioned contributed significantly to economic theories and discussions but are not typically referred to as the founding figure in the way Smith is. John Maynard Keynes revolutionized economic thought in the 20th century with his ideas on government intervention and aggregate demand. David Ricardo advanced classical economics with theories on comparative advantage and rent. Karl Marx provided a critical analysis of capitalism and its social implications, focusing on class struggle and economic inequality. Each made vital contributions, but Adam Smith's foundational work established the principles that underlie modern economic theory.