11 Nov 2021
Problem 22
Page 44
Section: CRITICAL THINKING QUESTIONS
Chapter 2: Choice in a world of scarcity
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11 Nov 2021
Introduction
The invisible hand theory:
Adam Smith coined the term "invisible hand" to describe a metaphor that he devised in 1759. This theory discusses hidden influences that assist the free market economy in unanticipated ways. According to the metaphor, the market is capable of finding its equilibrium even without help of public or non-government initiatives.
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