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most famous work

Wealth of nations - 1776

book identified what 3 factors of production

land, labor, capital - 3 major contributors to nation's wealth

invisible hand

market mechanism- leads all individuals in pursuit of their own self interests to produce greatest benefit for society as a whole

main concept re regulation

laissez faire

what did he emphasize?

production of income - caused rise of wealth at level unparalleled in modern times

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