What Adam Smith was referring to with his term "Invisible Hand"?
It’s a hypothesis defined by Adam Smith in his 1776 book "An inquiry into the nature and causes of the wealth of nations" which described that there is always a competition to attain scarce resources. He believes that individuals strive hard to maximize their own wealth. Despite the negative impression of this theory, this selfish attitude of individuals can be known as the basis for the emerge of trade and entrepreneurship. These invisible hands will let the society as a whole be benefitted from the scarce resources on the earth.
This fundamental of the free market and capitalism dissuade the government from the intervention in the economy, because the invisible hands are able
It’s a hypothesis defined by Adam Smith in his 1776 book "An inquiry into the nature and causes of the wealth of nations" which described that there is always a competition to attain scarce resources. He believes that individuals strive hard to maximize their own wealth. Despite the negative impression of this theory, this selfish attitude of individuals can be known as the basis for the emerge of trade and entrepreneurship. These invisible hands will let the society as a whole be benefitted from the scarce resources on the earth.
This fundamental of the free market and capitalism dissuade the government from the intervention in the economy, because the invisible hands are able