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Adam Smith, a prominent economist of the 18th century, is known for his major ideas that shaped his economic philosophy. His key concepts include the invisible hand, division of labor, and the theory of self-interest. These ideas influenced his belief in free markets and the importance of individual self-interest in driving economic growth and prosperity. Smith's economic philosophy, as outlined in his seminal work "The Wealth of Nations," emphasized the benefits of free trade, competition, and limited government intervention in the economy.

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