Adam Smith's "invisible hand" guides markets from "summary" of The Economics Book by DK
Adam Smith introduced the concept of the "invisible hand" in his book "The Wealth of Nations." According to Smith, individuals pursuing their own self-interest in a free market economy inadvertently benefit society as a whole. This is because when people act in their own self-interest, they are motivated to produce goods and services that others want and are willing to pay for. In this way, the "invisible hand" of self-interest guides individuals to make decisions that lead to the most efficient allocation of resources and the greatest overall benefit to society.
Smith believed that the government should not interfere with the workings of the free market, as he believed that the "invisible hand" would naturally lead to the best outcomes for society. He argued that government intervention in the economy, ...
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