In this issue, we will be discussing about one of the basic principles of economics: The Invisible Hand.
The term Invisible Hand used by Adam Smith to describe the natural force that guides free market capitalism thorough competition for scarce resources. In a free market each participant, leading to exchange of goods and services, enables each participant to be better off then when simply producing for himself/herself. In a free market, no regulation of any type would be needed to ensure that the mutually beneficial exchange of goods and services enables each participant to be better off then when simply producing for himself/herself.
Read more in the uploaded file.
Download “PED - 17”ped_s_17.pdf – Downloaded 561 times – 124.88 KB