Who is known as the Scottish political economist who laid the foundations of classical free-market economic theory?

Adam Smith is recognized as the Scottish political economist who established the foundations of classical free-market economic theory. His seminal work, "The Wealth of Nations," published in 1776, argues for the benefits of a self-regulating market, where individuals pursuing their own self-interest inadvertently contribute to the economic well-being of society. Smith introduced concepts like the 'invisible hand' that describes how individual actions can lead to positive societal outcomes, emphasizing the importance of competition and limited government intervention in the economy.

The other figures mentioned, while influential in their own rights, do not focus specifically on free-market economic theory in the same way Smith does. John Locke is primarily known for his contributions to political philosophy, particularly regarding social contracts and natural rights. David Hume, while a contemporary of Smith, is more associated with philosophy and empirical skepticism than economics specifically. Thomas Malthus is famous for his work on population growth and its implications for resources, diverging from the core principles of free-market economic thought that Adam Smith is celebrated for.