The term Invisible Hand came to us from the Scottish economist Adam Smith. In the book Wealth of Nations, Smith makes the following assessment "Humans' natural tendency towards self-interest results in prosperity." According to Adam Smith, if people are given the opportunity and the freedom to produce and consume the goods and services that they want, society as a whole will prosper. He argues that the fulfillment of humans' natural self-interest creates more benefits than those of a regulated economy. The invisible hand is a component of the Laissez-Faire approach of the market.
#economics #adamsmith #freetrade #capitalism #laissezfaire #market
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