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

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A scottish economist who created the idea of economic liberalism, in which governments should reduce regulations on the economy in order to create more competition. Smith believed that self-interested capitalism would create a better society, through the idea of the “invisible hand of the market”. He also created the idea of GDP as a way to measure a country’s wealth, which is the total amount of goods and services produced domestically.

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