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The invisible hand is a metaphor inspired by the Scottish moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to act unintentionally in the public interest. Smith originally mentioned the term in two specific, but different, economic examples.
invisible hand, metaphor, introduced by the 18th-century Scottish philosopher and economist Adam Smith, that characterizes the mechanisms through which beneficial social and economic outcomes may arise from the accumulated self-interested actions of individuals, none of whom intends to bring about such outcomes.
May 15, 2024 · The term "invisible hand" first appeared in Adam Smith's famous work "The Wealth of Nations" to describe how free markets can motivate individuals, acting in their own self-interest, to...
As commercial society—and its sometimes problematic partner, democracy—expanded over the two centuries following Smith’s death, the Invisible Hand was increasingly seen as the central insight of the Smithian system.
Jul 19, 2024 · One framework for understanding consumer behavior is the invisible hand theory, an idea proposed by economist Adam Smith that illustrates the hidden, self-interested forces behind people's...
Oct 12, 2022 · Eighteenth century economist Adam Smith developed the concept of the Invisible Hand, which became one of the cornerstone concepts of a free market economic system.
May 20, 2018 · Invisible hand – Adam Smith. In the Wealth of Nations (1783) Adam Smith mentioned the term ‘invisible hand’ on two occasions. The book is an important explanation of how free markets can operate.
