Adam Smith
Adam Smith, often referred to as the "Father of Modern Economics," was a Scottish philosopher and economist whose ideas laid the foundation for classical economics. Born on June 16, 1723, in Kirkcaldy, Scotland, Smith was a brilliant scholar who studied at the University of Glasgow and later at Oxford. His most influential work, The Wealth of Nations, published in 1776, introduced key concepts such as the invisible hand, which suggests that individuals pursuing their own self-interest can unintentionally benefit society as a whole. Smith emphasized the importance of free markets, competition, and limited government intervention in economic affairs. He also explored moral philosophy in his earlier work, The Theory of Moral Sentiments, where he examined human ethics and sympathy. Adam Smith’s theories significantly influenced capitalist economies and remain central to economic thought and policy-making even today. He died in 1790, but his legacy endures through the principles of market economics and liberal trade.