Who is known as the Father of Economics

Who is known as the Father of Economics?

Answer: Adam Smith is considered the father of economics. According to Smith, the government does not manipulate the economy, the country’s resources are used most effectively, the free-market problem is solved, and the country’s welfare and best interests are agreed. However, Smith’s opinion on economics was dominant for the next two centuries, but from the late 19th century to the early 20th century, the view of London-born economist Alfred Marshall (1842-1924) became an economic theory. 

1. Smith is also known for the term Gross Domestic Product (GDP) and the coined word of his wage difference payment theory. 
2. Therefore, dangerous or unpleasant professions prefer to pay higher salaries to seduce employees for these jobs. 
3. Smith’s most important contribution to economics was his article, “The Nature and Causes of National Wealth,” published in 1776. 
4. According to Smith, the government should not regulate the economy. Because it leads to more efficient use of national resources, solving free-market problems, and determining national welfare and best interests.