Question

Who is referred to as the 'father of Economics' ?

• A. Karl Marx
• B. Alfred Marshall
• C. Adam Smith
• D. Lionel Robbins

Answer 1

Answer:

C. Adam Smith

Adam Smith – the father of Economics

• His book, “An Enquiry into the Nature and Causes of the Wealth of Nations” has laid a strong foundation for Economics.

• He described Economics as the study of wealth and wanted limited government intervention in the economic activities and argued for more freedom to individuals. This is known as the theory of ‘Laissez Faire’.