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Morgan's Canon – Law of parsimony in comparative (animal) psychology Morton's fork – False dilemma in which contradictory observations lead to the same conclusion Russell's teapot – Analogy formulated by Bertrand Russell to illustrate that the burden of proof lies upon a person making empirically unfalsifiable claims
The invisible hand is a metaphor inspired by the Scottish economist and moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to accidentally act in the public interest, even when this is not something they intended. Smith originally mentioned the term in two specific, but ...
Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand. [4] Rationality can be used as an assumption for the behaviour of individuals in a wide range of contexts outside of economics. It is also used in political science, [5] sociology, [6] and philosophy. [7]
The philosopher and economist Adam Smith opposes this (although he defends a moderated version of this line of thought in his theory of the invisible hand), since Mandeville fails, in his opinion, to distinguish between vice and virtue. [2]
They are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interest of the society, and afford means to the multiplication of the species.
This is an accepted version of this page This is the latest accepted revision, reviewed on 4 January 2025. Scottish economist and philosopher (1723–1790) This article is about the Scottish economist and philosopher. For other people named Adam Smith, see Adam Smith (disambiguation). Adam Smith FRS FRSE FRSA Posthumous Muir portrait, c. 1800 Born c. 16 June [O.S. c. 5 June] 1723 Kirkcaldy ...
In other words, the Vanishing hand theory states that initially the Visible hand is present as industries require managerial cooperation and vertical integration for long term growth, but eventually fades away to a more Invisible hand in which specialization allows for market forces to coordinate more effectively leading to a quasi-Smithian ...
Propaganda, a book written by Edward Bernays in 1928, incorporated the literature from social science and psychological manipulation into an examination of the techniques of public communication. Bernays wrote the book in response to the success of some of his earlier works such as Crystallizing Public Opinion (1923) and A Public Relations ...