The Invisible Hand
MARCH 07, 2013
A term coined by Adam Smith that refers to the self-ordering process of the free market. As individuals work to fulfill their own goals, there appears order out of the multitude of individual plans. This is possible because, where property rights are secure and the rule of law prevails, individuals have incentive to trade and cooperate in a manner which benefits all parties involved.
Lawrence Reed - Adam Smith and the Birth of Economics
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