The Scottish philosopher Adam Smith (1723-1790) was as a pioneer of
political economy. In fact, his economic thought became the
foundation of classical economics and his key work, An Inquiry into
the Nature and Causes of the Wealth of Nations, is considered to be
the first modern work in economics. For Smith, a free competition
environment was the best way to foster economic development that
would work in accordance with natural laws. The framework he set up
to explain the free market remains true to this day.
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