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Explaining A Concept: Concept Of The Invisible Hand In A Laissez-Faire Economy
Part 1 of Paper
....rity; 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 it.” Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations 1776..... Part 2 of Paper
....Nature and Causes of the Wealth of Nations (1776), the first major work of political economy. This examined in detail the consequences of economic freedom, such as division of labor, the function of markets, and the international implications of a laissez-faire economy.
Adam Smith is most remembered today for his explanation of our market system. A majority of people saw confusion when they observed economic activity in England during the middle of the 18th century. They saw everyone doing w.... |
| Number of words: 853 - Approximate pages: 4 |
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