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 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-3: -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.