Adam Smith's "invisible hand" is now regarded as emergent equilibria as people's uncoordinated interactions are magically guided toward socially beneficial outcomes.

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Adam Smith's concept of the "invisible hand" describes how individuals pursuing their own self-interests in a free market economy can lead to outcomes that are beneficial for society as a whole, as if guided by an invisible hand. This idea is now understood in terms of emergent equilibria, where the complex interactions of individuals, each acting in their own self-interest, result in a balance or equilibrium that is socially optimal without any central coordination.

Adam Smith's "Invisible Hand" Is Now Regarded as Emergent Equilibria