The "invisible hand" is what concept in economics
A)a concept used to describe the welfare system in Canada
B)a concept used by Adam Smith to describe the virtues of free markets
C)a concept used by John Maynard Keynes to describe the role of government in guiding the allocation of resources in the economy
D)a concept used by some economists to describe what the role of government should be in an economy: present but invisible

Question

Quizplus · Accepted Answer

The "invisible hand" is a concept used by Adam Smith in his book "The Wealth of Nations" to describe how the pursuit of self-interest by individuals in a free market system leads to the greater good of society as a whole. The idea is that individuals seeking to maximize their own profits and well-being will naturally and unintentionally contribute to the overall wealth and efficiency of the economy through competition and the division of labor.

The "Invisible Hand" Is What Concept in Economics