Adam Smith is known as the father of modern economics for his seminal work "The Wealth of Nations," published in 1776. In this influential book, Smith introduced key concepts such as the division of labor, the role of self-interest in promoting economic prosperity, and the idea of the "invisible hand," describing how individual actions can contribute to the overall economic well-being of society. His ideas laid the groundwork for classical economics and significantly impacted economic policy and thought thereafter. Smith's theories continue to resonate in contemporary discussions on capitalism, free markets, and economic principles.