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 (1723–1790) 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 (1842–1924) 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.
NSO Full Form — National Statistical Office
NSO full form: National Statistical Office — formed in 2019 by merging CSO and NSSO. Publishes GDP data, PLFS, NSS. Earlier known as NSSO. Key GK for UPSC/SSC.
NVM Meaning in Chat
NVM meaning in chat is 'Never Mind.' Used in texting and social media to withdraw a statement or say 'don't worry about it.' Also: NVM full form and usage examples.
NYC Full Form
NYC full form is New York City. Learn key facts about New York City — boroughs, population, famous landmarks, and why NYC is significant. GK for students.
OFC Full Form
OFC full form: (1) Of Course — internet slang for agreement/confirmation; (2) Optical Fiber Cable — high-speed data transmission cable using light. Both meanings explained.
OPS Full Form
OPS full form: Old Pension Scheme. Learn what OPS is, how it differs from NPS, why states are debating its restoration, and key facts for competitive exams.
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