The influential thinker associated with the development of modern economics is Adam Smith. Often referred to as the "father of economics," his seminal work, "The Wealth of Nations," published in 1776, laid the foundation for classical economic theory. Smith introduced key concepts such as the invisible hand, which describes how individual self-interest can lead to positive societal outcomes through free markets. His ideas emphasized the importance of competition, trade, and specialization, influencing economic thought and policy globally. Smith's insights continue to shape contemporary economic understanding and practices.