Adam Smith is widely regarded as the father of modern economics, primarily due to his seminal work, "The Wealth of Nations," published in 1776. In this influential text, Smith introduced concepts such as the 'invisible hand' guiding free markets and the importance of self-interest in fostering economic growth. His ideas laid the groundwork for classical economics and capitalism, advocating for limited government intervention in economic affairs. Smith's insights into division of labor and market dynamics significantly shaped economic thought, establishing principles still relevant in modern economic policies and theories today. His legacy endures in the pursuit of free-market economies across the globe.