Asked by Kaylina
What is the 'Invisible hand'?
Answers
Answered by
drwls
It is an expression used by Adam Smith, in his 1776 book "..The Wealth of Nations", to explain how capitalism and free markets can lead to an optimum allocation of resources for the public good, while each individual company is trying to maximize its profits.
It is better explained at
http://plus.maths.org/issue14/features/smith/
It is better explained at
http://plus.maths.org/issue14/features/smith/
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