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Explaining A Concept: Concept Of The Invisible Hand In A Laissez-Faire Economy
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“By preferring the support of domestic to that of foreign industry, he intends only his own security; 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 Sm ....
Middle of paper
.... 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 whatever they pleased and deemed necessary. Busine.... |
| Word count: 853 |
Page count: 4 |
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