BANKING AFFAIRS

Detailed explanation-1: -Adam Smith was an 18th-century philosopher renowned as the father of modern economics, and a major proponent of laissez-faire (non-interference from government) economic policies. Q. Who is known as the father of economics?

Detailed explanation-2: -Paul Samuelson, Faculty. Called the father of modern economics, Samuelson became the first American to win the Nobel Prize in Economics (1970) for his work to transform the fundamental nature of the discipline.

Detailed explanation-3: -Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. Smith is most famous for his 1776 book, “The Wealth of Nations.” Smith’s writings were studied by 20th-century philosophers, writers, and economists.

Detailed explanation-4: -Adam Smith is considered to be the Father of Economics because of his book “Theory of Moral Sentiments” and “An Inquiry into the Nature and Causes of the Wealth of Nations". He became the father of modern economics. The academic field of economics as we know it now had its roots in Adam Smith’s The Wealth of Nations.

Detailed explanation-5: -The plan had heavily borrowed ideas from USSR’s five year plans developed by Domer Mahadev Govind Ranade is known as the father of Indian Economics.