Civilopedia Entry
Adam Smith is generally regarded as the father of modern economics. In his book "The Wealth of Nations", he analyzed the economic processes of supply and demand, and discussed how free trade and individual ambition would lead to both economic and social growth. Smith favored a political environment where the government would only become involved in business and trade to preserve justice and order. Smith's ideas of economics and the lack of government involvement form the basis of modern economic liberalism.