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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 ...
Invisible hand is a term used by Adam Smith to describe the basis of the self-regulating nature of the marketplace. Invisible hand may also refer to: Invisible Hand, a 1960s and 1970s Polish Television series; Invisible Hand, the flagship of General Grievous in Star Wars: Episode III – Revenge of the Sith
By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
In economics the "visible hand" is generally considered to be the macro-fiscal policy of John Keynes that emerged in the 1930s as a remedy for the shortcomings of Adam Smith's "invisible hand" and advocated government intervention in the economy. [4] Actually, Smith already identified the disadvantages of the "invisible hand". [5]
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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]
Chandler uses eight propositions [3] to show how and why the visible hand of management replaced what Adam Smith referred to as the invisible hand of the market forces: . that the US modern multi-unit business replaced small traditional enterprises, when administrative coordination permitted better profits than market coordination;
The Vanishing Hand theory is a concept first conceived of by economist Richard Normand Langlois. [1] The term is an intentional play on both Adam Smith 's invisible hand and Alfred Chandler 's Visible Hand .