Who was the author of "The Wealth of Nations," which laid the foundations for modern economics?

"The Wealth of Nations," published in 1776, is a seminal work in economic theory written by Adam Smith. In this book, Smith introduces key concepts that shaped the field of economics, such as the idea of the "invisible hand," which suggests that individuals seeking their economic self-interest unintentionally contribute to the overall economic well-being of society. Smith argues for free markets, competition, and the division of labor, which laid the groundwork for Classical Economics.

The significance of Smith's work cannot be overstated; it established fundamental principles that continue to influence economic thought and policy today. For instance, his advocacy for capitalism and market-driven economies has had a lasting impact on economic systems around the world.

In contrast, the other figures mentioned—Karl Marx, John Maynard Keynes, and David Ricardo—are known for their contributions to economics as well, but their ideas diverge from those of Adam Smith. Marx is best known for his critiques of capitalism and theories of socialism, Keynes for his ideas on government intervention in the economy, and Ricardo for his theories of comparative advantage and international trade. While all these economists played significant roles in shaping economic theories, Adam Smith is recognized as the foundational figure due to his pioneering analysis in "The Wealth of Nations