BEGINNER

The Invisible Hand

MARCH 07, 2013

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

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Why Is the "Invisible Hand" in the Middle of Smith’s Works?

Coincidence or subtle statement?

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To think that Adam Smith, the renowned absent-minded professor, hid a little "invisible" secret in his tomes is indeed the ultimate irony.

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Peaceful actions will lead to desirable ends, violent actions to chaos and disorder.

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The "Invisible Hand" or the Heavy Hand?

DECEMBER 01, 1978 by JOHN MONTGOMERY

A timely reminder of the dangers we face if we allow controls to close the market.

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The Invisible Hand

NOVEMBER 01, 1964 by WYATT B. DURRETTE JR.

A part-time job in college affords a clear example of the compatibility between self-interest and service to others.

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CURRENT ISSUE

December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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