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Adam Smith was a renowned Scottish economist and philosopher born in 1723. He is considered the father of modern economics and his seminal work, "The Wealth of Nations," published in 1776, laid the foundation for classical economics and capitalism. Smith's ideas on free markets, the division of labor, and the invisible hand of the market have had a lasting impact on economic theory and policy. His contributions to the field of economics have earned him a place among the most influential figures in history. Smith passed away in 1790, leaving behind a rich legacy of economic thought.