What term is used for modern economists who advocate returning to many of Adam Smith's economic practices?

The term that describes modern economists advocating a return to many of Adam Smith's economic practices is "neoliberals." Neoliberalism emphasizes the belief in free markets, limited government intervention, and deregulation, principles that align closely with those espoused by Adam Smith, particularly in his belief in the 'invisible hand' of the market guiding economic activity. Neoliberal economists argue for policies that foster individual entrepreneurship and reduce state involvement in economic affairs, reflecting Smith’s ideas from the 18th century.

In contrast, other economic schools of thought diverge from Smith's principles in significant ways. New Keynesians focus on the role of government intervention, especially during economic recessions, advocating for policies that stimulate demand. Monetarists, associated with Milton Friedman, emphasize the role of governments in controlling the amount of money in circulation but do not necessarily advocate for a return to laissez-faire principles. Classical economists, while inspired by early thinkers including Smith, typically refer to theories and practices that were prominent before the Great Depression and may not directly support contemporary neoliberal ideas.

Neoliberalism, therefore, best encapsulates the modern movement toward reviving and adapting Adam Smith's traditional economic views in today's global economy.