(A) Adam Smith regarded as the father of Modern Economics. He was a major proponent of laissez-faire economic policies. In his first book, “The Theory of Moral Sentiments”, Smith proposed the idea of an invisible hand—the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest. But he is most famous for his 1776 book: “An Inquiry into the Nature and Causes of the Wealth of Nations”.