Summary
Adam Smith's 'The Wealth of Nations' highlights the concept of the invisible hand, where individuals pursuing their self-interest in selling goods and services leads to overall societal benefit through voluntary exchanges. This notion emphasizes that self-interested actions can unintentionally contribute to the greater good of society, promoting economic prosperity and growth. Smith's ideas on the invisible hand underline the importance of free markets and competition in driving economic success and efficiency.
Introduction to Adam Smith's Ideas
Brief introduction to the key ideas of Adam Smith, focusing on his book 'The Wealth of Nations' and the concept of the invisible hand.
The Invisible Hand Concept
Explanation of Adam Smith's concept of the invisible hand and how individuals selling goods and services for their own benefit ultimately benefits society as a whole through voluntary exchanges.
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