Understanding the 'fathers' of various branches of economics is essential GK for UPSC, banking, and school exams. The answer changes depending on the specific branch of economics being referred to.
The word 'Economics' comes from the Greek word 'Oikonomia', meaning management of the household or state. Aristotle first used the term.
Adam Smith (1723тАУ1790) is universally called the Father of Economics (or Father of Modern Economics). His landmark book, 'The Wealth of Nations' (1776), is considered the foundation of classical economic theory.
His key ideas:
Alfred Marshall (1842тАУ1924) is called the Father of Modern Microeconomics. His book 'Principles of Economics' (1890) is considered the foundational text of modern microeconomic analysis. He introduced concepts like:
Other 'Fathers' to remember:
**Adam Smith** wrote 'An Inquiry into the Nature and Causes of the Wealth of Nations' in 1776. It is considered the first modern book on economics and laid the groundwork for free-market capitalism.
рджреБрдирд┐рдпрд╛ рдореЗрдВ рдкрд╣рд▓реЗ рдореБрд░реНрдЧреА рдЖрдИ рдпрд╛ рдЕрдВрдбрд╛? (Science Answers)
рд╡рд┐рдЬреНрдЮрд╛рди (Science) рдХрд╛ рдЬрд╡рд╛рдм: рджреБрдирд┐рдпрд╛ рдореЗрдВ рдкрд╣рд▓реЗ рдореБрд░реНрдЧреА рдЖрдИ рдпрд╛ рдЕрдВрдбрд╛? (Chicken or the egg). рдЬрд╛рдиреЗрдВ рдЗрд╡реЛрд▓реНрдпреВрд╢рди (Evolution) рдФрд░ рдореНрдпреВрдЯреЗрд╢рди рдХреЗ рдЖрдзрд╛рд░ рдкрд░ рдЗрд╕ рдкрд╣реЗрд▓реА рдХрд╛ рдЕрд╕рд▓реА рдЬрд╡рд╛рдмред
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