Summary:
- Adam Smith was an influential Scottish economist and philosopher who lived in the 18th century. He is considered the father of modern economics.
- Smith's most famous work, "An Inquiry into the Nature and Causes of the Wealth of Nations," published in 1776, outlined his ideas on the benefits of free market capitalism and division of labor.
- Smith's theories on the "invisible hand" of the market and the importance of self-interest in driving economic progress had a profound impact on economic thought and policy for centuries.