ARTICLES of The New Presence
The Definition 1In economics, the invisible hand is the term economists use to describe the self-regulating nature of the marketplace. The invisible hand is a metaphor coined by the economist Adam Smith. Once in The Wealth of Nations and other writings, Smith tried to show that, in a free market, an individual pursuing his own self-interest tends to also promote the good of his community as a whole through a principle that he called “the invisible hand.” He argued that each individual maximizing revenue for himself maximizes the total revenue of society as a whole, as this is identical with the sum total of individual revenues. Which is undeniable, as long as the modifiers individual and himself are not replaced
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published: 13. 7. 2014
Datum publikace:
13. 7. 2014
Autor článku:
Jim Freeman