Question

Who is called the Father of Economics?
A)J M Keynes
B)Malthus
C)Ricardo
D)Adam Smith

Answer 1

Hint: The aim of Economics and Human Biology is to investigate the effect of socio-economic processes on human beings as biological species.The biological elements of the quality of life: in its socio-economic and epidemiological environment, how well the human organism itself thrives.

Complete answer:
Adam Smith, who is considered the father of modern economics, was an 18th-century Scottish economist, philosopher, and author. Smith argued against mercantilism and was a major proponent of the economic policies of laissez-faire. Smith introduced the concept of an unseen hand in his first book, "The Theory of Moral Sentiments," the ability of free markets to control themselves through competition, supply and demand, and self-interest.
Smith is also known for the definition of gross domestic product (GDP) and for his theory of wage differential payments. Dangerous or undesirable professions tend to pay higher salaries as a means of attracting employees to these positions, according to this theory. His 1776 essay, "An Inquiry into the Nature and Causes of the Wealth of Nations." was Smith's most significant contribution to the field of economics.
According to Smith, the government should not control the economy, the resources of a country will be more efficiently used, free-market problems will be resolved and the wellbeing of a nation will be decided and best interests will be agreed.
However, for the next two centuries, Smith's views on the economy predominated, but the views of Alfred Marshall (1842-1924), a London-born economist, had a major impact on economic thought in the late 19th and early 20th centuries.

Hence, the correct answer is option (D)

Note: Smith has been revered by free-market proponents as the father of free-market economics, a belief expressed in the naming of organisations such as the Adam Smith Institute in London, several organisations known as the Adam Smith Society.