Adam Smith is widely regarded as the father of economics (often also called the father of modern economics or of capitalism).

Quick Scoop: Who is the father of economics?

  • The person most textbooks and exams recognize as the father of economics is Adam Smith, a Scottish economist and philosopher from the 18th century.
  • He is best known for two major works:
    • “The Theory of Moral Sentiments” (1759)
* “An Inquiry into the Nature and Causes of the Wealth of Nations” (1776), usually shortened to “The Wealth of Nations”.

These books helped turn economics into a distinct, systematic field of study.

Why is Adam Smith called the father of economics?

  • He gave one of the first clear, comprehensive explanations of how markets, prices, and trade work, at a time when no formal “economics” subject really existed.
  • He introduced big ideas that are still taught today, such as:
    • The “invisible hand” – how individuals pursuing their own interest can unintentionally benefit society through market exchange.
* Division of labour – breaking production into specialized tasks to boost productivity.

* The importance of free markets and limited government interference in many economic activities.

Because these ideas became the foundation of classical economics, later writers started calling him the father of economics.

Are there “other fathers” in economics?

In modern discussions and exam prep content, you’ll also see specific “fathers” for different branches:

  • John Maynard Keynes – often called the father of macroeconomics (focus on the whole economy, unemployment, inflation).
  • Alfred Marshall – often called the father of microeconomics (individual markets, demand and supply, elasticity).
  • Paul Samuelson – sometimes called the father of modern economics, especially for bringing rigorous mathematics into the field.

But when people simply ask “Who is the father of economics?” without any qualifier, the standard answer is Adam Smith.

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