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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.
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.
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...
The Invisible Hand is perhaps the most important—and most controversial—metaphor in economics. For fans of markets, it is synonymous with free individuals having their commercial interactions informed and guided by the feedback mechanism of the price system.
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.
Sep 16, 2022 · The invisible hand is a term by economist Adam Smith that is a metaphor for the hidden economic forces of self-interest that impact the free market.
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.
Feb 28, 2018 · In The Theory of Moral Sentiments, published in 1759, Smith describes how wealthy individuals are "led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advan...
Jan 9, 2021 · What is the invisible hand? This expert article provides the best definition, real-world examples, and history of Adam Smith's invisible hand theory.
Adam Smith and the ‘invisible hand’ are nearly synonymous in modern economic thinking. Adam Smith is strongly associated with the invisible hand, understood as a general rule that people in realising their self-interests unintentionally benefit the public good.
