Adam Smith (jan 1, 1723 – jan 1, 1790)

Description:

- Scottish philosopher and political economist
- 'Father of Economics'
- Author of Wealth of Nations
- Borrowed ideas from Isaac Newton (1642-1727)
- Introduced the 'invisible hand' or 'laissez-faire'
- Free market with no intervention
- Competition eliminates monopolies
- Introduced "absolute advantage" for international trade
- Defended specialization and division of labour

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