Question

Who is known as the Father of Economics?
1. Adam Smith
2. Amartya Sen
3. Prof Marshall
4. Karl Marx

Answer 1

Correct Answer - Option 1 : Adam Smith

The correct answer is Adam Smith.

• Adam Smith- He was a well-known philosopher and economist of Scotland.

• He gave his views in detail on the profitable trend of economics.
• In 1759, his first book 'The Theory of Moral Sentiment' was published.
• He is known as Father of Economics or Father of Capitalism.
• Classical free-market economic theory foundation was laid by him.
• His two famous works are the theory of moral sentiments in 1759 and an inquiry into the nature and causes of the wealth of nations in 1776.

• Amartya Sen- He is an Indian economist and philosopher working in the United Kingdom and the United States since 1972.
  • He has contributed towards welfare economics, economic theories of famine and Human Development theory are few.
  • He has been awarded Nobel Memorial Prize in Economic Sciences in 1998, Bharat Ratna in 1999, and the National Humanities medal in 2012.
• Prof Marshall- He was the most influential economist of his time.
  • His 'Principles of Economics' was taught in England as a textbook of economics for many years.
• Karl Marx- He was a German philosopher, economist, historian, political theorist, sociologist, journalist, and pioneer of scientific socialism.