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Adam Smith is best known for three key concepts: the idea of the "invisible hand," which suggests that individuals pursuing their own self-interest can lead to positive economic outcomes for society; the division of labor, which increases productivity by breaking down production processes into smaller, specialized tasks; and the importance of free markets, where competition and voluntary exchanges drive innovation and efficiency. These concepts laid the foundation for modern economics and the understanding of capitalism.

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Why was Adam Smith remembered in history?

Adam Smith is remembered in history as the father of modern economics, primarily for his influential work "The Wealth of Nations," published in 1776. He introduced key concepts such as the division of labor, the invisible hand, and free markets, which laid the foundation for classical economics. Smith's ideas promoted the importance of individual self-interest and competition in driving economic prosperity, shaping economic thought and policy for centuries to come. His legacy continues to influence contemporary economic theory and practice.


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