Why Is Adam Smith Called the Father of Economics?

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Economics is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. 

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

Why Is Adam Smith Called the Father of Economics? Adam Smith is called the “father of economics” because of his theories on capitalism, free markets, and supply and demand.

The relationship between supply and demand sits at the heart of most economic theory, for a simple reason: They are inextricably linked. The law of supply and demand can be explained as follows: When supply of a good or service exceeds its demand, prices will fall until an equilibrium is reached.

Lionel Robbins (1932) developed implications of what has been termed “[p]erhaps the most commonly accepted current definition of the subject”: Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

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