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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. Smith originally mentioned the term in two specific, but ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 13 February 2025. Scottish economist and philosopher (1723–1790) This article is about the Scottish economist and philosopher. For other people named Adam Smith, see Adam Smith (disambiguation). Adam Smith FRS FRSE FRSA Posthumous Muir portrait, c. 1800 Born c. 16 June [O.S. c. 5 June] 1723 Kirkcaldy ...
In economics the "visible hand" is generally considered to be the macro-fiscal policy of John Keynes that emerged in the 1930s as a remedy for the shortcomings of Adam Smith's "invisible hand" and advocated government intervention in the economy. [4] Actually, Smith already identified the disadvantages of the "invisible hand". [5]
In a discussion of import tariffs Adam Smith wrote that: . Every individual necessarily labours to render the annual revenue of the society as great as he can... He is in this, as in many other ways, led by an invisible hand to promote an end which was no part of his intention...
These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics. [3]
— Adam Smith, The Wealth of Nations, Book 2, Chapter 3 (Andrew Skinner edition 1974, p. 429-430) As Edwin Cannan observes, [ 3 ] Smith’s view of annual reproduction and as a consequence the distinction of productive and unproductive labor stems from his meeting, and the influence of, the French economists have known as the Physiocrats .
China's economic story last year was one of uncertainty and a lack of confidence. The country is still in the midst of a property crisis, and consumers aren't spending as freely as before.. Yet ...
Adam Smith was an early advocate for economic liberalism. Developed during the Age of Enlightenment , particularly by Adam Smith , economic liberalism was born as the theory of economics of liberalism, which advocates minimal interference by government in the economy.