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September 2009
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free market

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Adam Smith is often thought of as the father of modern economics. In his book "An Inquiry into the Nature and Causes of the Wealth of Nations" Smith decribed the "invisible hand" mechanism by which he felt economic society operated. Modern game theory has much to add to Smith's description.

Tags: Arrow's theorem : social choice : Adam Smith : invisible hand : free market : game theory : Prisoners' Dilemma