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professor; FOR the idea of a FREE economy; author of "The Wealth of Nations"; economic liberty guaranteed economic progresssignificance: supported the idea of a free economy (laissez-faire); 3 natural laws of economics: 1. the law of self-interest (people are selfish), 2. law of competition *drops prices and forces competition to continually get better), 3. supply and demand (enough goods produced to meed demand @ lowest possible price)

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