The Invisible Hand
A term coined by Adam Smith that refers to the self-ordering process of the free market. As individuals work to fulfill their own goals, there appears order out of the multitude of individual plans. This is possible because, where property rights are secure and the rule of law prevails, individuals have incentive to trade and cooperate in a manner which benefits all parties involved.
Lawrence Reed - Adam Smith and the Birth of Economics
Why Those Who Value Liberty Should Rejoice
OCTOBER 15, 2009
Elinor Ostrom is the first woman to win the Nobel Prize in Economic Sciences. She is also one of the most iconoclastic thinkers to win the prize. Professor Ostrom's work focuses on the mechanisms of self-governance that operate in different societies.
MARCH 23, 2009
MARCH 09, 2009
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A timely reminder of the dangers we face if we allow controls to close the market.