Adam Smith is often referred to as the father of modern economics. His seminal work, "The Wealth of Nations," published in 1776, laid the foundations for classical economics and free-market principles. Smith introduced key concepts such as the division of labor, the "invisible hand" guiding market forces, and the importance of self-interest in economic behavior. His ideas revolutionized the understanding of wealth creation and the dynamics of trade, advocating for limited government intervention in the economy. Smith's emphasis on individual enterprise became fundamental to capitalism, influencing economic policies and theories for centuries. His contributions have had a lasting impact on how economies are understood today.