ABSTRACT
Although others wrote about economic issues and principles before him, Adam Smith is regarded by most people as the father of economics. This honor stems neither from the originality of his ideas nor from the techniques of economic analysis that he pioneered. Rather, Smith is regarded as the father of economics due to his vision of capitalism as an economic system that makes everyone better off. Smith was the first person to see the benefits stemming from greater competition and to argue for policies promoting more competition. This required both reduced government involvement in the economy and government actions to counter monopolistic tendencies and practices.
