Adam Smith is known as the "father of modern economics." His seminal work, "The Wealth of Nations," published in 1776, laid the foundations for classical economics and introduced key concepts such as the division of labor, the invisible hand, and the idea of free markets. Smith argued that individual self-interest in a competitive market could lead to societal benefits, challenging the mercantilist views of his time. His ideas influenced economic thought and policy for centuries, promoting the understanding of how markets operate and the role of government in the economy.