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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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PUBLIC CHOICE

The study of collective decisions made by groups of individuals, especially those decisions made by government organizations. As the name suggests, public choice is primarily the study of how choices (decisions) are made by the public (government) sector. Such choices are made, in principle, on behalf of the public or all members of society, to correct market failures or imperfections in the private sector. However, in that the world is imperfect on all fronts, the government sector also comes up short in many cases, with inefficient imperfections due to election seeking politicians, ignorant and abstaining voters, special interest groups, and government bureaucracies.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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