Question
The philosophy of “Invisible hand” was given by:
Answer: Option A
Answer: (a)
The phrase ‘Invisible hand’ was introduced by ‘Adam Smith’ in his book ‘The Wealth of Nations'. It is a metaphor for the unseen forces (of demand and supply) that move the free market economy.
Through individual self-interest and freedom of production as well as consumption, the best interest of society, as a whole are fulfilled.
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Answer: (a)
The phrase ‘Invisible hand’ was introduced by ‘Adam Smith’ in his book ‘The Wealth of Nations'. It is a metaphor for the unseen forces (of demand and supply) that move the free market economy.
Through individual self-interest and freedom of production as well as consumption, the best interest of society, as a whole are fulfilled.
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