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…showed last 75 words of 833 total…consumers needed, to a system where the producers would try their hardest to corner the market, and in that, would leave the consumers with a mediocr... Adam Smith The Founder of Modern Economics Adam Smith: The Founder of Modern Economics Adam Smith was born in 1723 in Kirkcaldy, Fife, Scotland, fatherless. The exact date of his birth is unknown. Smith was baptized June 5, 1723. At the age of fifteen, he began his schooling at Glasgow and Oxford