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invisible hand
Term used by Adam Smith to describe the natural force that guides free market capitalism through competition for scarce resources. According to Adam Smith, in a free market each participant will try to maximize self-interest, and the interaction of market participants, leading to exchange of goods and services, enables each participant to be better of than when simply producing for ...
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Adam Smith believed that the invisible hand would guide individuals to maximize their own good, through trade and entrepreneurship, thus making society as a whole better off.
invisible hand
Term used by Adam Smith to describe the natural force that guides free market capitalism through competition for scarce resources. According to Adam Smith, in a free market each participant will try to maximize self-interest, and the interaction of market participants, leading to exchange of goods and services, enables each participant to be better of than when simply producing for ...
Learn more about this term
Usage Example
Adam Smith believed that the invisible hand would guide individuals to maximize their own good, through trade and entrepreneurship, thus making society as a whole better off.
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