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Modern is regarded as one of the foundational pillars of economic science. The Scottish economist and philosopher Adam Smith (1723–1790) is renowned for his theories that explain the functioning of the economy and establish the fundamental principles of capitalism. His work, *The Wealth of Nations*, is one of the cornerstone texts of economic thought and forms the basis of free-market economics. Portrait of Adam Smith 1800 " image-alternate="" image-element-format="right"> The Invisible Hand:

Modern economics considers the Scottish economist and philosopher Adam Smith (1723–1790) one of its foundational figures. He is renowned for his theories that explain how a market economy functions and establish the core principles of capitalism. His work, The Wealth of Nations, is one of the foundational texts of economic thought and lays out the fundamental principles of a free market economy. Adam Smith Portrait 1800 " image-alternate="" image-element-format="right"> The Invisible Hand: Th