Lord Aeck Sargent is tagged in 1 stories.
5 years ago
- Published during the first industrial revolution, Adam Smith’s The Wealth of Nations used the metaphor of “the invisible hand of the market” to describe how the decisions of self-interested individuals in a free market economy could promote the general betterment of the society as a whole. To this day, free market proponents use Smith’s metaphor to argue for elimination of regulations for a more efficient economy. But the “invisible hand” only makes societally beneficial decisions to the extent that it has good information.