Who is regarded as the founder of modern economics?

Adam Smith is widely regarded as the founder of modern economics, primarily due to his seminal work, "The Wealth of Nations," published in 1776. In this influential text, Smith introduced concepts such as the division of labor, the invisible hand of the market, and the idea of free markets operating with minimal government intervention. His theories laid the groundwork for classical economics and significantly impacted how economists and policymakers understand economic systems. Smith’s emphasis on individual self-interest as a driving force for economic prosperity remains fundamental to laissez-faire economic ideals, making his contributions foundational in the field of economics.

The other figures mentioned have made important contributions to economic thought, but their ideas developed in different contexts or paradigms. John Maynard Keynes, for example, is known for his theories on aggregate demand and government intervention in the economy during periods of recession, which diverges from the classical concepts established by Smith. Karl Marx focused on the critique of capitalist economies and the theories of surplus value and class struggle, presenting an alternative view that challenges Smith's ideas. Milton Friedman is recognized for his work on monetarism and free-market advocacy in the 20th century, further building on and reacting to earlier economic theories, but he did not establish the foundational principles like those proposed by