Adam Smith, the father of modern economics, believed in the power of the invisible hand of the market from "summary" of The Worldly Philosophers by Robert L. Heilbroner
Adam Smith, as the father of modern economics, held a steadfast belief in the power of the invisible hand of the market. This concept suggests that individuals, by pursuing their own self-interest in a competitive market, unintentionally promote the well-being of society as a whole. Smith argued that when people act in their own self-interest, they are guided by an invisible hand that directs their actions toward the greater good. In other words, the pursuit of profit and self-interest by individuals leads to a more efficient allocation of resources and benefits society in the process. This idea was a revolutionary concept in Smith's time and continues to be a foundational principle in economics today.
The invisible hand metaphor illustrates the idea that individuals, driven by self-interest, are led to make choices that result in the best outcomes for society as a whole. Smith believed that the pursuit of pr...
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