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The invisible hand is a metaphor inspired by Adam Smith that describes the incentives for self-interest to act in the public interest. Learn about its origin, usage, and interpretation in Smith's works and in neoclassical economics.
May 15, 2024 · The invisible hand is a metaphor for how self-interest and freedom of production and consumption lead to the best interests of society in a free market economy. Learn the origin, meaning, and controversies of this concept from Adam Smith's writings and real-world examples.
- Christina Majaski
- 2 min
The notion of the invisible hand has been employed in economics and other social sciences to explain the division of labour, the emergence of a medium of exchange, the growth of wealth, the patterns (such as price levels) manifest in market competition, and the institutions and rules of society.
Jul 19, 2024 · Learn what the invisible hand is and how it affects the free market. The invisible hand is a metaphor for the self-interested forces that impact consumers' economic choices and the economy as a whole.
- Henry Blodget
May 20, 2018 · Learn how the invisible hand works in free markets and how it relates to Adam Smith's theory of self-interest and social welfare. Explore the implications, limitations and criticisms of the invisible hand concept.
- 1 min
Feb 28, 2018 · Learn what the "invisible hand" means in economics, how Adam Smith coined the phrase, and why it is often misused or misunderstood. Explore the pros and cons of the "invisible hand" in a modern economy with examples and challenges.
Nov 30, 2018 · The Invisible Hand is a metaphor for the market process that guides self-interested individuals to promote social welfare. Learn how Smith, Hayek, Friedman and others explained and defended this concept, and how Marx and others criticized it.
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