Who is known as the founder of classical free-market economic theory?

The founder of classical free-market economic theory is Adam Smith, primarily recognized for his seminal work, "The Wealth of Nations," published in 1776. In this book, Smith lays the foundational principles of a free-market economy, promoting the idea that individuals pursuing their own self-interest can inadvertently benefit society as a whole through the "invisible hand" mechanism. He advocates for minimal government intervention in the economy, emphasizing the importance of free competition and consumer choice in driving economic growth and efficiency.

While John Locke contributed significantly to social and political theory, particularly regarding ideas of property rights and individual liberty, he did not focus specifically on the economic theories that underpin free markets. David Hume provided insights into the nature of wealth and commerce but is not primarily associated with the formalization of economic theory. Milton Friedman, a 20th-century economist, advanced free-market principles and monetarism significantly, but he built upon the classical theories established by earlier economists, including Adam Smith. Therefore, Adam Smith is rightly considered the founder of classical free-market economic theory, setting the stage for future discussions and developments in this field.