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Adam Smith (1723-1790) was born
in Kirkcakdy, Scotland, and educated at the Universities
of Glasgow and Oxford. During the period 1748 to 1751 he
lectured in Edinburgh. During this time a close
relationship developed between Smith and Scottish
philosopher David Hume, which contributed a great deal
to the development of Smith's ehical and economic
theories.
In his famous treatise, The Wealth of Nations, Adam
Smith argued that private competition, free from
regulation, produces and distributes wealth better than
government-regulated markets. Since 1776, when Smith
produced his work, his argument has been used to justify
capitalism and discourage government intervention in
trade and exchange. Smith believed that private
businesses seeking their own interests organize the
economy most efficiently, "as if by an invisible hand."
Although there has been considerable modification by economists since Smith's time, many sections of his work
have continued to form the basis for theoretical study
in the field of economy. |
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