"He [the producer] intends only his 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 his intention." What famous economist made this statement?
A) Alfred Marshall
B) Friedrich Hayek
C) Adam Smith
D) David Ricardo

Question

Quizplus · Accepted Answer

Adam Smith made this statement in his book "The Wealth of Nations," where he introduced the concept of the "invisible hand" to describe how individuals pursuing their own self-interest can unintentionally benefit society as a whole.

"He [The Producer] Intends Only His Gain, and He Is