Adam Smith, often referred to as the father of modern economics, was a Scottish philosopher and economist born in 1723. He is best known for his seminal work, "The Wealth of Nations," published in 1776, which laid the foundation for classical economics. In this influential text, Smith introduced concepts such as the division of labor and the idea of the "invisible hand," illustrating how individual self-interest can lead to societal benefits when markets are free and competitive. His ideas challenged mercantilist views of the time, advocating for a market-driven economy. Smith's philosophy was rooted in the belief that rational self-interest and competition could foster economic prosperity. He emphasized the importance of free markets and minimal government intervention, arguing that individuals pursuing their own interests inadvertently contribute to the overall good of society. His theories provided a framework that influenced economic thought and policy for centuries, establishing principles that still resonate in contemporary discussions about capitalism and economic systems. Beyond economics, Smith's work in moral philosophy explored the nature of human behavior and ethics. His earlier publication, "The Theory of Moral Sentiments," examined how empathy and social interactions shape human actions and moral judgments. This dual focus on economics and morality highlights Smith's holistic understanding of human society, making him a pivotal figure in both disciplines. His legacy continues to inform debates on economic policy and ethical considerations in business practices today. Adam Smith, a key figure in the development of economic theory, was born in Scotland in 1723. He contributed significantly to the understanding of free markets and competition, advocating for the idea that individual self-interest can lead to broader societal benefits. Smith's influential work, "The Wealth of Nations," published in 1776, is often credited with laying the groundwork for modern economic thought. In his writings, Smith emphasized the importance of the invisible hand, a metaphor for how markets function without direct intervention from authorities. He believed that rational behavior in a competitive marketplace fosters economic growth and prosperity. Smith's ideas significantly altered perceptions of economic practices, challenging the prevailing mercantilist views of his time. Aside from economics, Smith's exploration of moral philosophy in "The Theory of Moral Sentiments" highlighted the role of empathy and social interactions in human behavior. His comprehensive approach to both economics and ethics places him at the forefront of discussions about capitalism and morality, continuing to influence contemporary economic and ethical debates.