WHY ADAM SMITH IS THE FATHER OF ECONOMICS?
Adam smith is often identified as the father of Modern Capitalism. He has become famous by his influential book ‘The Wealth of Nations’ (1776). Smith was the son of the comptrller of the customs at kirkcaldy, fife, Scotland.
The Wealth of Nations was a precursor to the modern academic discipline of Economics.Smith is best known for two classic works. The theory of Moral sentiments (1759), and ‘An inquiry into nature and causes of Wealth of Nations'(1776).
After 1976 Smith was mare likely to be presented as the author of both The wealth Of Nations, and the theory of Moral sentiments, and the science of economics. His homo economics or ‘economic man’ was also more often represented as a moral person.