Texes Social Studies Practice Exam 2026 – Complete Test Prep Guide

Adam Smith is widely regarded as the father of modern economics due to his foundational work in the field, particularly through his seminal book "The Wealth of Nations," published in 1776. In this work, Smith introduced key concepts such as the division of labor, the function of self-interest in economic activity, and the importance of free markets. His ideas laid the groundwork for classical economics and influenced countless economists and policymakers thereafter.

Smith's emphasis on how individuals seeking their own economic benefit can lead to positive outcomes for society as a whole established principles that remain central to economic thought today. His vision of economic systems functioning with minimal government intervention has shaped the development of capitalist economies around the world. This foundational perspective sets him apart in the field, earning him the title of the father of modern economics.