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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.
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 a metaphor inspired by the Scottish economist and moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to accidentally act in the public interest, even when this is not something they intended.
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.
Nov 30, 2018 · 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.
Jul 19, 2024 · 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.
