Adam Smith and his laws of the market.

This is an excerpt from “The Worldly Philosopher’ by Robert L. Heilbroner. The text is taken from the chapter entitled “The Wonderful World of Adam Smith.”
You are to read from the first full paragraph of the first page (with the paragraph that starts with “Adam Smith’s laws of the market are basically simple”) through the page break on the third page (with the last sentence “Although the world in which we live is not that of Adam Smith, the laws of the market can still be discerned if we study its operations.”)
You are to write a summary in your own words of the content of the text. Also, I ask that you provide your own thoughts on the text. Do you agree? Why or why not?