--%>

Meaning of invisible hand according to Adam Smith

Adam Smith’s opinion of an “invisible hand” powerfully implies the meaning that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most people are motivated primarily by social welfare. (z) competition channels self-interested behavior to serve all of society.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

   Related Questions in Business Economics

  • Q : How demand is influenced by price

    Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.

  • Q : Labour economic Can someone help me in

    Can someone help me in finding out the right answer from the given options. The Taft Hartley Act of 1946 made it illegal to encompass a: (1) Right-to-work law passed by the state legislature. (2) Conviction for the misdemeanor and serve as union officer. (3) Union for the agricultural migrants or go

  • Q : Negatively association to probability

    Adam Smith would have agreed mostly along with the concept which wages are: (i) positively associated to physical comfort when working. (ii) negatively related to the cost of learning the business. (iii) positively associated to the s

  • Q : Illustrate the Law of supply Illustrate

    Illustrate the Law of supply?

  • Q : Technical change and vintage technology

    In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?

  • Q : Define Dependent and independent

    Define Dependent and independent variables?

  • Q : Allocating resources and distribute

    The market system tends to mainly beneficial allocating resources and distributes goods while: (1) the distributions of wealth and resource ownership are extensively perceived as equitable. (2) markets are extremely competitive. (3) goods are rival an

  • Q : Describe the Personal distribution of

    Describe the Personal distribution of income?

  • Q : Real rate of interest Question: Hubbard

    Question: Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  • Q : Describe unequal burdens of

    Describe unequal burdens of unemployment exist?