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: -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.

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: -The term “economics” was popularized by such neoclassical economists as Alfred Marshall and Mary Paley Marshall as a concise synonym for “economic science” and a substitute for the earlier “political economy".