GENERAL KNOWLEDGE

Detailed explanation-1: -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."

Detailed explanation-2: -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-3: -Adam Smith was among the first philosophers of his time to declare that wealth is created through productive labor, and that self-interest motivates people to put their resources to the best use. He argued that profits flowed from capital investments, and that capital gets directed to where the most profit can be made.

Detailed explanation-4: -Father of Indian Economic Planning is Sir M. Vishweshwaraiah. Sir M Visvesvaraya, popularly known as Sir MV, was an engineer, statesman, and a scholar.

Detailed explanation-5: -’It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest, ‘ said Adam Smith, who is also called the father of modern economics, in the eighteenth century.