The impetus for change arrived when French economist François Quesnay

The impetus for change arrived when French economist François Quesnay

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The impetus for change arrived when French economist Fran ç ois Quesnay (1694–1774)  explained in his  Tableau  É conomique  (1758) that a natural order of trade, with limited  government intervention, would be much more beneficial to both society and the  individual. This idea was subsequently elaborated upon and popularized by Scottish  economist Adam Smith (1723–1790) in his landmark  Wealth of Nations  (1776), which  established the nature of economics in three laws: first, that people work more  productively when they have self-interest; second, that competition leads to a balanced  marketplace; and third, that true supply and demand are a product of free trade. Smith’s advocacy of this laissez-faire (“hands-off”) economics, as it came to be called,  was revolutionary at the time. Simply put, Smith insisted that it is when individuals are 
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