 "Illustration: binay sinha")
This month marks the tricentenary of the birth of Adam Smith, perhaps the most influential economic theorist of the capitalist market economy. His concept of the “invisible hand” has shaped the belief of many people about the positive social benefits of a market economy driven by private profit incentives, as long as it is guided by free competition rather than ownership-based coercion.
The famous phrase “invisible hand” occurs just once in Adam Smith’s classic book, An Inquiry into the Nature and Causes of the Wealth of Nations. The single use of this famous phrase is in a passage in a
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