Who is known as the father of economics and authored "The Wealth of Nations"?

The individual recognized as the father of economics is Adam Smith, primarily due to his seminal work, "The Wealth of Nations," published in 1776. In this book, Smith outlines the foundations of classical economics and emphasizes concepts such as the division of labor, the importance of free markets, and the invisible hand that guides economic transactions. His insights laid the groundwork for modern economic theory and continue to influence economic thought today. Smith's advocacy for laissez-faire economics argues that individual self-interest in a competitive marketplace leads to economic prosperity, which has been a fundamental principle in capitalist economies.

Karl Marx, John Maynard Keynes, and Milton Friedman are all significant figures in economics, but they are known for different contributions and theories. Marx is associated with socialism and critiques of capitalism, Keynes is known for his work on macroeconomics and government intervention during economic downturns, and Friedman is recognized for his advocacy of monetarism and free-market principles. While influential, their ideas do not establish them as the foundational figure in economics as Adam Smith is.