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Adam Smith is known as the pioneer of the political economy and father of modern economy. He has numerous contributions to the field of economics. His work an inquiry into the nature and causes of wealth of nations is his most significant work
According to his definition, the free market will produce the right amount and a variety of goods through the influence of the "invisible hand". The division of labor will have a positive effect on production.
The idea behind this concept was that the competition in the free market will benefit the society as a whole. As the prices will be low because the emphasis will be on more and more sales.
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