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Fed chairman praises father of modern economics, Adam Smith

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From: AP Worldstream
Date: 20050206
Author:MARTIN CRUTSINGER, AP Economics Writer

MARTIN CRUTSINGER, AP Economics Writer
AP Worldstream
02-06-2005
Dateline: WASHINGTON
Federal Reserve Chairman Alan Greenspan paid tribute on Sunday to the father of modern economics, saying that 18th-century philosopher Adam Smith was "a towering contributor to the development of the modern world."

Greenspan, who this month began his final year as Fed chairman, delivered the Adam Smith Memorial Lecture at Fife College in Kirkcaldy, Fife, Scotland, where the early proponent of free-market capitalism was born in 1723.

"In his `Wealth of Nations,' Smith reached far beyond the insights of his ...

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