The __________ hand is the metaphor used to refer to market coordination, whereas the __________ hand is the metaphor used to refer to managerial coordination.

Question

Quizplus · Accepted Answer

The "invisible hand" refers to market coordination, as introduced by Adam Smith, suggesting that individuals' pursuit of self-interest in free markets leads to economic efficiency as if guided by an unseen hand. The "visible hand" refers to managerial coordination within firms, as described by Alfred Chandler, indicating that managers' deliberate actions guide the firm's resources and operations.

The __________ Hand Is the Metaphor Used to Refer to Market