Which philosopher is most associated with the concept of the market economy?

• A. David Ricardo
• B. Karl Marx
• C. John Maynard Keynes
• D. Adam Smith

Answer: (D)

Verified step by step guidance

1. Understand that the question is about identifying the philosopher most associated with the concept of the market economy, which is a fundamental idea in microeconomics related to how markets allocate resources through supply and demand.
2. Recall that Adam Smith is widely regarded as the 'father of economics' and is best known for his work 'The Wealth of Nations,' where he introduced the idea of the 'invisible hand' guiding free markets.
3. Recognize that David Ricardo contributed important theories on comparative advantage and trade but is not primarily credited with the foundational concept of the market economy itself.
4. Note that Karl Marx critiqued the market economy and capitalism rather than promoting it, focusing on class struggle and economic systems.
5. Understand that John Maynard Keynes is known for his work on macroeconomic policy and government intervention, not the foundational concept of the market economy.